Financial analysts at Bernstein have raised their Bitcoin price projections, now forecasting the digital currency to reach $1 million by 2033. This bullish outlook is driven by high demand and limited supply for Bitcoin.
In the shorter term, Bernstein analysts predict Bitcoin to hit $200,000 by the end of 2025, up from their previous estimate of $150,000. They also foresee Bitcoin climbing to $500,000 by 2029.
The increasing demand for Bitcoin through various channels, such as newly launched ETFs and corporations adding Bitcoin to their treasuries, is cited as a key factor in these projections. Bernstein sees the rising demand and limited supply as indicators of significant growth potential for Bitcoin.
Despite Bitcoin’s recent price dip below $67,000, with the current price around $66,850, Bernstein remains optimistic about the long-term potential of the cryptocurrency market. The analysts point to favorable economic conditions, including easing US inflation and a shifting political stance on cryptocurrencies, as supporting factors for Bitcoin’s future growth.
As part of their positive outlook, Bernstein has initiated coverage of MicroStrategy, a company known for its substantial Bitcoin holdings. The Virginia-based firm, led by CEO Michael Saylor, has garnered attention for its strategic embrace of Bitcoin as a reserve asset.
MicroStrategy’s proactive approach to stacking Bitcoin through convertible debt offerings has caught the eye of analysts. The company recently proposed a $700 million debt sale of convertible notes to increase its Bitcoin reserves, positioning it well to benefit from the projected growth in crypto value over the next decade.
Overall, Bernstein’s favorable projections for Bitcoin and MicroStrategy reflect a broader optimism about the future of digital assets in the financial landscape.
