Bitcoin
Bernstein Raises Long-Term Bitcoin Price Projection to $1 Million by 2033, Begins MicroStrategy Coverage
Bernstein redoubled his optimism Bitcoin price projections, raising its long-term forecast to $1 million by 2033, driven by unprecedented demand and limited supply.
Bernstein analysts have also revised their forecasts for the current cycle and now project the flagship cryptocurrency to reach $200,000 by the end of 2025, up from their previous estimate of $150,000. The company also predicted that Bitcoin will rise to $500,000 by 2029.
Bernstein attributed the growth expectations to the growing demand for Bitcoin through multiple avenues, particularly newly launched ETFs and the trend of companies adding Bitcoin to their treasuries. The company said increased demand combined with reduced supply points to notable growth potential.
Despite Bitcoin’s recent struggle to maintain its position above $67,000, with prices falling to around $66,850, Bernstein’s bullish forecast highlights the long-term potential of the crypto market.
Analysts believe the broader economic environment, including easing U.S. inflation and changing political attitudes toward cryptocurrencies, supports a positive outlook for Bitcoin and Microstrategy like.
MicroStrategy Coverage
As part of his bullish outlook, Bernstein initiated coverage on MicroStrategy, giving it an Outperform rating with a $2,890 price target. 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 grown from a small software company to 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 president, michael saylorhas been a prominent supporter of digital currency.
Bernstein analysts Gautam Chhugani and Mahika Sapra highlighted Saylor’s strategic approach in positioning MicroStrategy as a leading Bitcoin company, writing:
“Michael Saylor has become synonymous with the Bitcoin brand, and MicroStrategy has positioned itself as an active leveraged Bitcoin strategy versus passive spot ETFs.”
According to the company, this active strategy resulted in higher Bitcoin per share compared to passive approaches.
MicroStrategy Stacking Bitcoin
MicroStrategy’s long-term financial strategy includes convertible debt, which allows the company to capitalize on Bitcoin’s upside potential while minimizing liquidation risks.
The company raised billions of dollars by multiple debt offerings to increase its BTC holdings in recent months.
The company recently proposed a US$500 million selling convertible note debt on June 13 to further increase its Bitcoin reserves. It later increased the amount to US$700 million on June 14.
Bernstein believes that MicroStrategy’s proactive stance and substantial holdings in Bitcoin position it to benefit significantly from the projected growth in the value of cryptocurrencies over the next decade.
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Published in: Bitcoin, Cryptography
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Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
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‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
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Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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