Standard Chartered’s Bombshell: Bitcoin Could Hit $500K by 2029

Brace for impact—banking giant Standard Chartered just tossed a Molotov cocktail into crypto’s price debate. Their latest projection? Bitcoin surging to $500,000 within five years.

Why the audacious call? The bank’s analysts point to Bitcoin’s hardening role as ‘digital gold’—while slyly noting Wall Street’s sudden embrace of ETFs after years of sneering. Nothing like institutional FOMO to move markets, eh?

Of course, skeptics will howl. But remember: this is the same crew that called Bitcoin’s 2021 bull run while traditional finance was still arguing about ‘tulip mania.’ Sometimes the dinosaurs get it right.

One hedge fund manager’s take? ‘If they’re even half correct, we’ll see more leveraged crypto products than a Vegas sportsbook.’ Place your bets.

Governments Are Buying Bitcoin, Just Not the Way You Think

According to a recent note from the bank’s digital assets team, sovereign wealth funds and state-run institutions aren’t rushing to open crypto wallets. Instead, they’re buying shares in companies that already hold massive amounts of Bitcoin.

JUST IN:Standard Chartered says SEC 13F fillings support #Bitcoin reaching $500,000 by 2028pic.twitter.com/MURg9bxLka

— Bitcoin Magazine (@BitcoinMagazine) May 20, 2025

MicroStrategy, the software firm known for its aggressive bitcoin strategy, is the centerpiece of this approach. It currently holds over 214,000 BTC, and its stock has become a kind of proxy investment for those who want Bitcoin exposure without actually holding it. In Q1, France and Saudi Arabia reportedly opened positions in MicroStrategy, while public funds from Norway, Switzerland, and South Korea also added shares, indirectly tying themselves to the value of Bitcoin.

In the United States, pension funds in New York and California followed a similar route, gaining exposure to around 1,000 BTC worth of MicroStrategy shares.

Why Indirect Exposure Makes Sense

Not every country is in a position to hold crypto directly. Whether it’s legal red tape, political pressure, or just general caution, many governments are still wary of owning Bitcoin outright. But buying into a company that already holds it? That’s much simpler.

It avoids the custody headaches, the volatility risks that come with direct ownership, and the public scrutiny that might come from suddenly declaring, “Hey, we’re holding Bitcoin now.” Instead, they quietly build exposure through equity and keep their options open.

That said, not everyone is staying in. The Wisconsin state pension fund recently exited its position in BlackRock’s iShares Bitcoin Trust, giving up exposure equivalent to 3,400 BTC. Meanwhile, Abu Dhabi’s Mubadala is doing the opposite, adding more and increasing its exposure to roughly 5,000 BTC through the same ETF.

A Bigger Trend Is Taking Shape

Geoffrey Kendrick, Standard Chartered’s global head of digital assets research, says we’re watching a shift in how institutions think about Bitcoin. According to him, portfolios that once ignored BTC completely are slowly warming up to it. And as volatility drops and access improves, those underweight positions will likely increase.

This isn’t Kendrick’s first bullish call. In April, he raised his end-of-2025 Bitcoin target to $200,000 after noting major inflows into spot ETFs. That kind of activity, in his view, shows that Bitcoin is maturing from a speculative asset into something that serious institutions are learning to trust, at least a little.

$500K Still Sounds Wild, But Maybe Not That Wild

Standard Chartered’s price target isn’t a short-term moonshot. It’s a long-range view based on how much more demand could come in if these trends keep building. With governments now finding safe, indirect ways to participate, the groundwork is slowly being laid.

Whether or not you believe in the number, the Standard Chartered Bitcoin prediction is shaping the conversation around long-term crypto value. A half-million-dollar Bitcoin might still seem ambitious, but if the world’s largest institutions keep inching toward it, that number might not be so crazy after all.

Key Takeaways

• Standard Chartered is sticking with its $500,000 Bitcoin price target for 2029, citing growing institutional and government-linked exposure.
• Governments are gaining Bitcoin exposure indirectly by investing in companies like MicroStrategy, which holds over 214,000 BTC.
• Indirect exposure avoids legal and political hurdles, allowing sovereign funds and pension funds to quietly participate in Bitcoin’s upside.
• Major funds from France, Saudi Arabia, Norway, and South Korea have bought into MicroStrategy, while others use ETFs like BlackRock’s IBIT.
• Standard Chartered sees this slow, steady adoption by institutions as a foundation for long-term Bitcoin growth, possibly hitting $500K by 2029.