Bernstein, a major Wall Street firm, has made a long-term bullish prediction for the price of bitcoin, saying it could reach $1 million by 2033.
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ONLY IN: $779 billion says Bernstein twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin It will probably reach a million dollars.
Predicts a price of $200,000 by 2025 pic.twitter.com/zBp3o09OoL
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1801539725519450209?ref_src=twsrc%5Etfw”>June 14, 2024
In a new report kicking off coverage of Michael Saylor's MicroStrategy, analysts at Bernstein have raised their price target for bitcoin to $200,000 from $150,000 by the end of 2025.
Bernstein has long been positive about bitcoin's prospects, but this forecast of $1 million by 2033 represents one of the highest institutional projections yet. The analysts' thesis is based on unprecedented demand for spot bitcoin ETFs and limited future supply.
Bernstein's report also highlighted how Michael Saylor “has become synonymous with the bitcoin brand and positioned MSTR as a leading bitcoin company, attracting capital at scale (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 says, noting that over the past four years, the company's active strategy has produced higher bitcoin per share “Bernstein wrote.
Bernstein also set a price target of $2,890 for MicroStrategy shares, which is nearly double the current price.
bitcoin's bold long-term outlook comes as institutions flock to bitcoin, with major asset managers like BlackRock and Fidelity offering btc investment products. Bernstein cited capital inflows into these regulated vehicles as fueling bitcoin's exponential price gains this cycle.
Analysts see MicroStrategy maintaining its first-mover advantage as the world's largest publicly traded bitcoin player. With btc adoption still in its infancy, companies like MicroStrategy have room to increase their bitcoin holdings in the coming years.
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