PANews reported on January 1 that Geoffrey Kendrick of Standard Chartered Bank predicted that Bitcoin will reach $200,000 by the end of 2025, according to CNBC. Standard Chartered Bank expects that the scale of institutional investors' purchases of Bitcoin next year will "continue to maintain or exceed the pace of 2024." The bank pointed out that since the beginning of this year, Bitcoin purchases from institutions have reached 683,000, mainly purchased through the US spot Bitcoin ETF and software company MicroStrategy, which is an effective alternative to investing in Bitcoin. He also added that the incoming Trump administration is expected to reform the regulations on so-called TradFi (traditional financial) companies investing in digital currencies, and pension funds will begin to include more Bitcoin in their portfolios through US spot ETFs next year. Even a small allocation of $40 trillion in US retirement funds will significantly push up Bitcoin prices.