The post Finance Titan Bernstein Predicts Bitcoin At $1 Million, Here’s When appeared on BitcoinEthereumNews.com.

In an analysis released Thursday, leading global investment firm AllianceBernstein with assets under management worth $725 billion significantly elevated its price target for Bitcoin, predicting the premier cryptocurrency will reach $1 million by 2033. This bullish outlook is underscored by a new wave of adoption via US spot Bitcoin exchange-traded funds (ETFs) managed by heavyweight asset managers including BlackRock, Fidelity, and Franklin Templeton. Bitcoin’s Path To $1 Million In 2033 Analysts Gautam Chhugani and Mahika Sapra from Bernstein outline a detailed scenario where they expect the assets under management in Bitcoin-related ETFs to escalate to about $190 billion by 2025, a substantial leap from the current $60 billion. The report states, “We believe that the US regulated ETFs were the watershed moment for crypto that brought in structural demand from traditional pools of capital.” They highlighted the considerable impact of these funds, which have already funneled approximately $15 billion in net new flows into the market. Related Reading The report extrapolates that by 2025, Bitcoin ETFs will represent about 7% of all Bitcoins in circulation, and by 2033, this figure could rise to around 15% of the total Bitcoin supply. This significant uptick in institutional interest and investment is poised to play a critical role in driving Bitcoin’s price upward. A critical aspect of Bernstein’s analysis is the effect of Bitcoin’s supply mechanics, particularly the halving events. The most recent halving in April cut the block reward for miners from 6.25 BTC to 3.125 BTC, effectively halving the daily new supply from 900 BTC to 450 BTC. According to Chhugani and Sapra, “The halving presents a unique circumstance, where natural Bitcoin sell-pressure from miners declines by half (or even more, as they inventory more in anticipation), while new catalysts for bitcoin demand arise, leading to exponential price moves.” Historically, after…

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Filed under: News - @ June 14, 2024 11:08 pm