Key Points:
- Bernstein’s bullish forecast: Bitcoin at $150,000 by 2025.
- Anticipated SEC approval of a Bitcoin ETF in early 2024.
- Implications of Bitcoin’s potential resurgence and mainstream adoption.
Formerly bearish Wall Street firm, Bernstein, has made a bold and bullish prediction for Bitcoin, forecasting that the cryptocurrency could soar to an impressive $150,000 by the year 2025. This stunning revelation from the investment research powerhouse comes on the heels of growing optimism surrounding the potential approval of a Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC) in the next two years.
In a note shared with its clientele, Bernstein’s esteemed analyst, Gautam Chhugani, articulated his belief that the SEC is highly likely to grant approval for a Bitcoin ETF during the first quarter of 2024. This prognostication aligns with the views of JP Morgan analysts, who assign a 90% probability to investors gaining access to a Bitcoin fund prior to January 10.
Notably, Bernstein was among the Wall Street firms that had initially dismissed Bitcoin as an investment asset back in 2018. However, the company has since evolved its stance, actively monitoring Bitcoin mining enterprises and providing its unique perspective on the trends that swept through the financial industry in mid-2022.
Now, Bernstein underscores the significance of a potential Bitcoin ETF, as it would open the doors for mainstream investors to directly integrate Bitcoin into their portfolios through an SEC-regulated investment vehicle. Currently, the only comparable option available is the Grayscale Bitcoin Trust (GBTC), which holds approximately 3% of the total Bitcoin supply in circulation.
This target of $150,000 represents a seismic shift from Bitcoin’s current price of approximately $34,000 and surpasses its previous all-time high of $67,000 from November 2021. If Bernstein’s bold prediction comes to fruition, it would signify a remarkable turnaround for the cryptocurrency, following a significant slump in its value last year.
Bitcoin has experienced a recent resurgence, reaching $35,000, a level it had not seen since May 2022. Investor optimism is growing, buoyed by the SEC’s decision not to challenge a court ruling related to Grayscale’s lawsuit. Nevertheless, there remains a degree of uncertainty about whether regulators, particularly SEC Chair Gary Gensler, will ultimately embrace the concept of a Bitcoin ETF.
Bernstein has also pointed out the upcoming “halving” event scheduled for 2024, which is expected to exert upward pressure on Bitcoin’s price by expelling less efficient miners from the market. The firm has commenced coverage on several Bitcoin mining stocks, anticipating substantial gains for those companies that weather this impending transformation in the cryptocurrency mining landscape.
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Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.
