Standard Chartered analyst Geoff Kendrick predicts that Bitcoin's price could reach $500,000 by early 2029, driven by increased government entity investment in MicroStrategy (MSTR), which holds around 576,000 Bitcoin. In the first quarter, 12 government entities, including various state retirement funds in the U.S., increased their holdings in MSTR, reflecting a growing structural demand for Bitcoin. Despite the availability of spot exchange-traded funds (ETFs) in the U.S., many government entities prefer to invest in MSTR shares to gain indirect exposure to Bitcoin due to local regulations. The bank's forecast suggests a steady rise in Bitcoin's price, reaching $200,000 in 2025 and incrementally increasing thereafter. This bullish outlook is further supported by regulatory changes that may facilitate broader access to Bitcoin in the future.

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