Standard Chartered analyst: Prediction that bitcoin will exceed $500,000 by the time Trump leaves office still holds true
Geoff Kendrick, an analyst at Standard Chartered, has previously said that he expects the price of Bitcoin to exceed $500,000 by the time Donald Trump leaves office. He said in a report early Tuesday morning that the prediction still stands, recalling BTC's weak short-term price action, which is backed up by data from a recent series of 13F filings on institutional ownership of spot bitcoin ETFs.Kendrick said the type of buyers has evolved from retail investors to hedge funds, and now to banks and sovereign wealth funds, noting that institutions such as Goldman Sachs have increased their ETF holdings, and Abu Dhabi has made its first purchase of a Bitcoin ETF. According to the analyst, ‘Going forward, we expect more long-term long money to buy Bitcoin and anticipate that Abu Dhabi's stance will be the start of wider participation by sovereigns.’
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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