Bernstein
Bernstein: Bitcoin Could Hit $1 Million by 2033
Published
3 weeks agoon
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Major Wall Street firm Bernstein has made a bullish long-term prediction for Bitcoin’s price, saying it could reach $1 million by 2033.
JUST IN: $779 billion Bernstein says #Bitcoin will likely hit $1 million.
Predicts $200,000 price by 2025 🚀 pic.twitter.com/zBp3o09OoL
— Bitcoin Magazine (@BitcoinMagazine) June 14, 2024
In a new report initiating coverage of Michael Saylor‘s MicroStrategy, Bernstein analysts have raised their price target for Bitcoin to $200,000 from $150,000 by the end of 2025.
Bernstein has long been positive on Bitcoin’s prospects, but this $1 million forecast by 2033 represents one of the highest institutional projections yet. The analysts’ thesis is based on unprecedented demand from spot Bitcoin ETFs and constrained future supply.
Bernstein’s report also highlighted how Michael Saylor “has become synonymous with brand Bitcoin and has positioned MSTR as a leading Bitcoin company, attracting at-scale capital (both debt and equity) for an active Bitcoin acquisition strategy.”
“MicroStrategy positions itself as an ‘active leveraged bitcoin strategy versus passive spot exchange-traded funds (ETFs),’ the report said, noting that over the last four years, the company’s active strategy has produced a higher Bitcoin per equity share,” Bernstein wrote.
Bernstein also set a $2,890 price target on MicroStrategy shares, representing nearly double the current price.
The bold long-term Bitcoin outlook comes as institutions warm up to Bitcoin, with major asset managers like BlackRock and Fidelity offering BTC investment products. Bernstein cited inflows into these regulated vehicles as fueling this cycle’s exponential Bitcoin price gains.
The analysts see MicroStrategy maintaining its first-mover advantage as the world’s leading listed Bitcoin player. With BTC adoption still in its infancy, firms like MicroStrategy have room to grow their Bitcoin holdings for years to come.
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Bernstein
Bernstein Analysts Say Bitcoin Will Explode to New All-Time Highs on ETF-Fueled Rallies: Report
Published
5 months agoon
February 8, 2024By
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Analysts at Wall Street brokerage giant Bernstein reportedly think that Bitcoin (BTC) will surge into the $70,000 range by the end of the year.
According to a new report by StreetInsider, analysts Gautam Chhugani and Mahika Sapra say in a new research note that the impact of the recently approved spot BTC exchange-traded funds (ETFs) will drive the top crypto asset by market cap’s price surge.
“In a commodity with a known finite supply curve, any incremental buying demand at this scale will become material to price. ETFs are still 3.5% of total supply, and more than 12% of Bitcoin still sits on exchanges, but it is the net incremental demand that counts given the sell pressure is easier to model.”
The Bernstein analysts also believe US Bitcoin mining firms could grow their operations this year despite the crypto king’s upcoming halving event, which is slated for April and will see mining rewards for BTC cut in half.
“We expect 15% of high-cost miners to cut production in the coming halving, but we expect the low-cost and competitive miners to gain relative share (RIOT and CLSK are our preferred picks).”
Chhugani and Sapra also predict the development of Bitcoin layer-2 protocols will increase the network’s overall efficiency.
“We also expect layer-2s to continue to drive transaction revenues for the miners and economic activity from token mints and NFT (non-fungible token) ordinals to sustain, as the Bitcoin developer ecosystem grows.”
Furthermore, they say that the macroeconomic landscape could be favorable for the flagship digital asset this year.
“If the early election trends suggest a change of regime post elections and with potential changes in the current (crypto unfavorable) leadership at SEC (U.S. Securities and Exchange Commission), Bitcoin and broader crypto market could rally off those cues, and the rates could add further fuel to the rally.”
Bitcoin is trading at $44,139 at time of writing.
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