Wall Street giant Bernstein has offered a bullish long-term prediction for Bitcoin’s price, saying it could hit $1 million by 2033.
Update: Bernstein predicts $779 billion #Bitcoin It will probably reach $1 million.
Prices predicted to reach $200,000 by 2025 🚀 pic.twitter.com/zBp3o09OoL
— Bitcoin Magazine (@BitcoinMagazine) June 14, 2024
The new report: Michael SaylorAnalysts at MicroStrategy Bernstein have raised their price target for Bitcoin to $200,000 by the end of 2025 from $150,000.
Bernstein has been positive on Bitcoin’s future before, but his prediction of $1 million by 2033 is one of the highest institutional predictions to date. The analyst’s theory is based on unprecedented demand from spot Bitcoin ETFs and future supply constraints.
The Bernstein report also highlights that Michael Saylor “has become synonymous with the Bitcoin brand, positioned MSTR as a leading Bitcoin company, and raised significant capital (both debt and equity) for an aggressive Bitcoin acquisition strategy.”
“MicroStrategy positions itself as an ‘active leveraged bitcoin strategy versus a passive spot exchange-traded fund (ETF)’,” the report said, noting that the firm’s active strategy has increased the value of bitcoin per share over the past four years,” Bernstein wrote.
Bernstein also has a price target of $2,890 on MicroStrategy shares, nearly double the current price.
Bitcoin’s long-term outlook comes amid growing interest in the cryptocurrency from institutional investors, including large asset managers. Black Rock and Faithfulness Bernstein said that inflows into these regulated products are driving the surge in Bitcoin prices this cycle.
Analysts expect MicroStrategy to maintain its first-mover advantage as one of the world’s leading publicly traded Bitcoin companies, and with BTC adoption still in its early stages, companies like MicroStrategy have room to increase their Bitcoin holdings over the next few years.
