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

Odaily News Geoff Kendrick, an analyst at Standard Chartered Bank, said that if regulatory changes improve investor access and volatility decreases, Bitcoin may attract new buyers over time. Data from the U.S. Securities and Exchange Commission (SEC) on Bitcoin purchases in the fourth quarter are "very encouraging." Although hedge funds once again dominated buying, bank buying was also strong. Abu Dhabi's sovereign wealth fund reported holding a position equivalent to 4,700 bitcoins in BlackRock's iShares Bitcoin ETF. He said, "While this is currently small, it is expected to increase in size and other sovereign funds may also start buying." Bitcoin is expected to reach $500,000 before Trump leaves office in 2029. (Jinshi)