Standard Chartered's Head of Digital Assets Research, Geoff Kendrick, stated that the price of Bitcoin could rise to $500,000 by the end of 2028.
Despite a decline in direct investments in Bitcoin holdings through ETFs in the first quarter, government entities have increased their holdings in Strategy Company (formerly MicroStrategy), which is viewed as an alternative investment target for Bitcoin. This may reflect that, despite regulatory constraints, various parties are still striving to seek exposure to Bitcoin investments.
Kendrick also noted that Bitcoin's reputation as a safe haven and inflation hedge is increasingly rising, gradually gaining favor among traditional investors, solidifying its position on Wall Street. With the maturation of the gold ETP market, the BTC ETF market may also experience similar growth, with a shorter expected timeframe. Additionally, the establishment of other market functions such as options trading will, in the long run, reduce the volatility levels of Bitcoin. Lower volatility will encourage investors to expand their cryptocurrency portfolio allocations, thereby supporting its target price of $500,000.