State Pension Funds Key To Bitcoin Hitting $500K, Long-Only Money Needed: Standard Chartered

Bitcoin‘s (CRYPTO: BTC) path to reaching $500,000 before President Donald Trump leaves office hinges on long-term investment from state pension funds.

That’s according to Standard Chartered‘s head of digital assets research, Geoffrey Kendrick. In a research note on Tuesday, Kendrick highlighted that state pension funds currently represent just 1% of Bitcoin ETF holdings — a number he expects to rise as institutional investment broadens.

Kendrick’s report follows an analysis of fourth quarter 13F filings, which provide insight into institutional Bitcoin buying.

The data shows hedge funds remain dominant: Brevan Howard purchased the equivalent of 14,500 BTC in Q4, while banks such as Goldman Sachs (NYSE:GS) increased holdings.

More notably, sovereign wealth funds have now entered the market, with Abu …

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