Bitcoin is favored by hedge funds and banks, Standard Chartered Bank sees its long-term growth potential

Odaily Planet Daily reports that Standard Chartered Bank analyst Geoff Kendrick said that if regulatory changes improve investor access conditions and volatility decreases, Bitcoin may attract new buyers over time. The U.S. Securities and Exchange Commission (SEC) data on Bitcoin purchases in the fourth quarter is "very encouraging". Although hedge funds once again dominate the buying, bank buying is also strong.

The Abu Dhabi Sovereign Wealth Fund reported holding a position equivalent to 4,700 Bitcoins in BlackRock's iShares Bitcoin ETF. He stated, "Although the scale is currently small, it is expected to increase and other sovereign funds may also start buying." It is predicted that before Trump leaves office in 2029, Bitcoin will reach $500,000.