Bernstein raises long-term Bitcoin price projection to $1 million by 2033, initiates MicroStrategy coverage
The post Bernstein raises long-term Bitcoin price projection to $1 million by 2033, initiates MicroStrategy coverage appeared on BitcoinEthereumNews.com.
Bernstein has doubled down on its optimistic Bitcoin price projections, raising its long-term forecast to $1 million by 2033, driven by unprecedented demand and constrained supply. Bernstein analysts also revised their predictions for the current cycle and now project the flagship crypto to hit $200,000 by the end of 2025, up from its earlier estimate of $150,000. The firm also predicted Bitcoin will climb to $500,000 by 2029. Bernstein attributed the growth expectations to the increasing demand for Bitcoin via multiple avenues, particularly the newly launched ETFs and the trend of corporations adding Bitcoin to their treasuries. The firm said the rising demand combined with the shrinking supply points to remarkable potential for growth. Despite Bitcoin’s recent struggle to maintain its position above $67,000, with prices slipping to around $66,850, Bernstein’s optimistic forecast highlights the long-term potential of the crypto market. The analysts believe that the broader economic environment, including easing US inflation and shifting political attitudes towards cryptocurrencies, supports a positive outlook for Bitcoin and MicroStrategy alike. MicroStrategy coverage As part of its bullish outlook, Bernstein initiated coverage of MicroStrategy, assigning it an outperform rating with a price target of $2,890. The Virginia-based company, known for its significant Bitcoin holdings, closed at approximately $1,484 on June 14. MicroStrategy, which holds about 214,400 bitcoins worth approximately $14.5 billion, has transformed from a small software firm into a major player in the crypto market over the past four years. The company adopted Bitcoin as a reserve asset in 2020, and its founder and chairman, Michael Saylor, has been a prominent advocate for the digital currency. Bernstein analysts Gautam Chhugani and Mahika Sapra highlighted Saylor’s strategic approach in positioning MicroStrategy as a leading Bitcoin enterprise, writing: “Michael Saylor has become synonymous with brand Bitcoin, and MicroStrategy has positioned itself as an active…
Filed under: News - @ June 14, 2024 11:28 pm