SC "Government Institutions' Indirect Bitcoin Investment Increased... $500,000 Forecast by 2029 Remains Valid"

With the increase in indirect holdings of Bitcoin (BTC) by government institutions worldwide, an analysis has emerged that Bitcoin could reach $500,000 by 2029.

According to CoinDesk on the 20th (local time), Standard Chartered reported that "during the first quarter of this year, global government institutions expanded their exposure to Bitcoin by purchasing MicroStrategy (MSTR) stocks," and "structural demand for Bitcoin is increasing." It explained that government institutions, which cannot directly purchase Bitcoin due to local regulations, are enjoying the effect of indirectly holding Bitcoin by purchasing MicroStrategy.

According to the report, the Norwegian Government Pension Fund and the Swiss National Bank additionally purchased MicroStrategy stocks equivalent to 700 BTC in total. Furthermore, the National Pension Service of Korea and Korea Investment Corporation also purchased stocks equivalent to a total of 700 BTC in the same manner, and U.S. state government pensions purchased stocks equivalent to a total of 1,000 BTC. Additionally, it was found that government institutions in Sweden, France, and Saudi Arabia also purchased MicroStrategy stocks.

The report emphasized that "although the direct holding figures of Bitcoin spot ETFs in the first quarter were below expectations," "the indirect buying trend of institutions supports our forecast." Previously, Standard Chartered had forecasted that Bitcoin would reach $500,000 before the end of President Donald Trump's term.

Meanwhile, MicroStrategy currently holds a total of 576,230 BTC. This amounts to approximately $40.18 billion, with an average purchase price of $69,726.