Standard Chartered: Sovereign Indirect BTC Exposure Via Strategy Rising, Supports $500K Target

Standard Chartered’s global head of digital assets research Geoffrey Kendrick, says sovereign and government entities increased indirect exposure to Bitcoin in Q1 2024 by buying shares of Strategy (MSTR), viewing it as a proxy where direct BTC holdings are restricted.

The bank says this trend supports its core thesis that Bitcoin will reach $500,000 before Trump leaves office in 2029, as institutional adoption grows.

Kendrick also reaffirmed the bank’s previous crypto forecasts:

BNB at $2,775 by 2028

XRP at $12.50 by 2028

AVAX at $250 by 2029

Stablecoin market at $2T by end of 2028

Source: The Block