Bernstein Analysts Predict Bitcoin Could Reach $1 Million by 2033
Bitcoin has the potential to reach $1 million by 2033, with a projected cycle-high of $200,000 by 2025, according to analysts at Bernstein.
The prediction comes as Bernstein initiated coverage of MicroStrategy, a software developer and the largest corporate holder of Bitcoin.
The research report assigned an outperform rating to MicroStrategy, which currently possesses 1.1% of the global supply of the leading cryptocurrency, equivalent to approximately $14.5 billion.
In just four years, MicroStrategy has transformed itself from a small software company to a major player in the crypto space.
The company’s founder and chairman, Michael Saylor, has played a pivotal role in positioning MicroStrategy as a prominent Bitcoin-focused firm.
Saylor’s leadership has attracted significant capital, both debt and equity, enabling the company to implement an active Bitcoin acquisition strategy.
MicroStrategy currently holds 214,400 Bitcoin, which it began accumulating in 2020 as a reserve asset.
Bernstein initiated coverage of MicroStrategy with a $2,890 price target, while the company’s shares closed at around $1,484 on the Nasdaq exchange.
The analysts, Gautam Chhugani and Mahika Sapra, highlighted MicroStrategy’s active leveraged Bitcoin strategy, which differentiates it from passive spot exchange-traded funds (ETFs).
Over the past four years, MicroStrategy’s active approach has resulted in a higher amount of Bitcoin per equity share.
Bernstein’s price forecast for Bitcoin is driven by the unprecedented demand from spot ETFs and the limited supply of the cryptocurrency.
The analysts now estimate that Bitcoin could potentially reach $500,000 by 2029, with the 2025 estimate revised from $150,000.
MicroStrategy’s long-term convertible debt
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