Wall Street major Bernstein has offered a long-term bullish forecast for Bitcoin's price, saying it could reach $1 million by 2033.
Just in: $779 billion says Bernstein #Bitcoin It will likely reach $1 million.
The price is expected to reach $200,000 by 2025 🚀 pic.twitter.com/zBp3o09OoL
– Bitcoin Magazine (@BitcoinMagazine) June 14, 2024
In a new report kicking off MicroStrategy coverage by Michael Saylor, Bernstein analysts 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 $1 million forecast by 2033 represents one of the highest institutional forecasts to date. The analysts' thesis is based on unprecedented demand from spot Bitcoin ETFs and limited future supply.
Bernstein's report also highlighted how Michael Saylor “has become synonymous with the Bitcoin brand and MSTR's position as a leading Bitcoin company, attracting large-scale capital (both debt and equity) for an aggressive Bitcoin acquisition strategy.”
“MicroStrategy positions itself as a ‘leveraged active Bitcoin strategy versus exchange-traded funds (ETFs),” the report said, noting that over the past four years, the company’s active strategy has produced a higher Bitcoin per share ratio than stocks,” the report said. .
Bernstein also set a $2,890 price target for MicroStrategy shares, which is roughly double the current price.
The bold long-term outlook for Bitcoin comes as institutions warm up to Bitcoin, with major asset managers such as BlackRock and Fidelity offering Bitcoin investment products. Bernstein cited inflows into these regulated instruments as fueling the massive gains in Bitcoin prices this cycle.
Analysts believe that MicroStrategy maintains its advantage as the world's leading Bitcoin player. Since Bitcoin adoption is still in its early stages, companies like MicroStrategy have room to grow their Bitcoin holdings for years to come.
