Sovereign investment in $BTC is accelerating—just not always in the most direct way. In a new report, Standard Chartered Bank says indirect exposure via Strategy (formerly MicroStrategy) is quietly increasing among government entities, reinforcing the bank’s long-standing price prediction that Bitcoin will reach $500,000 before President Donald Trump leaves office in 2029.

“The latest 13F data from the U.S. Securities and Exchange Commission (SEC) supports our core thesis that Bitcoin $BTC will reach the $500,000 level before Trump leaves office as it attracts a wider range of institutional buyers,” wrote Geoffrey Kendrick, Standard Chartered’s global head of digital assets research. “As more investors gain access to the asset and as volatility falls, we believe portfolios will migrate towards their optimal level from an underweight starting position in BTC.”