1139 GMT - Bitcoin could attract new buyers over time if regulatory changes improve investor access and volatility falls, Standard Chartered analyst Geoff Kendrick says in a note. U.S. Securities and Exchange Commission data on fourth-quarter bitcoin purchases are "very encouraging" for this view, he says. While hedge funds once again dominated buying, bank buying was also strong. Abu Dhabi's sovereign wealth fund reported a 4,700 bitcoin equivalent position in Blackrock's iShares Bitcoin Trust exchange traded fund. "While this is small for now, we would expect the size to increase over time and, indeed, for other sovereigns to also start buying." StanChart expects bitcoin to reach $500,000 before President Trump leaves office in 2029. Bitcoin falls 0.7% to $95,761, according to LSEG. (renae.dyer@wsj.com)
(END) Dow Jones Newswires
February 18, 2025 06:39 ET (11:39 GMT)
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