Standard Chartered Bank reiterated its long-term bitcoin outlook this week, maintaining its ambitious forecast that the cryptocurrency will climb to $500,000 by the end of Donald Trump’s second term. In a report released Tuesday, Geoffrey Kendrick, the bank’s global head of digital assets research, cited newly published investment disclosures as evidence that institutional and sovereign interest in bitcoin is accelerating. Kendrick stated:

The latest 13F data from the U.S. Securities and Exchange Commission (SEC) supports our core thesis that bitcoin will reach the $500,000 level before Trump leaves office as it attracts a wider range of institutional buyers.

The 13F data refers to quarterly filings required by the SEC from institutional investment managers with over $100 million in assets under management, detailing their equity holdings. Standard Chartered’s report highlighted a growing trend of sovereign accumulation of Strategy (Nasdaq: MSTR) shares—used as a proxy for bitcoin exposure—amid regulatory limitations on direct cryptocurrency holdings. France and Saudi Arabia opened MSTR positions for the first time, while entities in Norway, Switzerland, and South Korea added to existing ones. Multiple U.S. state retirement systems, including those from California, New York, North Carolina, and Kentucky, collectively added the equivalent of 1,000 BTC.

The Standard Chartered head of digital assets explained:

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.

Kendrick emphasized the broader implications for bitcoin’s price trajectory: “The quarterly 13F data is the best test of our thesis that BTC will attract new institutional buyer types as the market matures, helping the price reach our USD 500,000 target level,” adding: “When institutions buy bitcoin, prices tend to rise.” While concerns about regulatory clarity and volatility remain, bitcoin advocates view sovereign and institutional accumulation as a bullish indicator for long-term value appreciation.

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