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Extremely bullish Bitcoin price forecast from Bernstein

Extremely bullish Bitcoin price forecast from Bernstein

Cryptodnes2024/06/14 23:07
By:Cryptodnes

Bernstein predicts that Bitcoin (BTC) will reach $1 million by 2033, with its current cycle peak at $200,000.

This one forecast comes after the investment manager downgraded MicroStrategy, which is the most significant corporate holder of Bitcoin , of "excellent".

MicroStrategy, which first bought Bitcoin in 2020, now owns about 1.1% of the global supply, which is worth $14.5 billion. This change in strategy took the company from a small software firm to a major player in the cryptocurrency space in just four years.

Sharing an outlook on shares of MicroStrategy, Bernstein set a price target of $2,890. The American company currently holds approximately 214,400 BTC in reserve.

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Michael Saylor, the company's owner and chairman, is now heavily involved with Bitcoin, and as a result, MicroStrategy has been named a leading Bitcoin company. The firm has raised significant capital for its overall Bitcoin acquisition strategy, beating passive spot Bitcoin ETFs in terms of BTC to equity share.

Bernstein's favorable outlook for Bitcoin is mainly due to strong demand for spot ETFs and limited supply. They predicted that Bitcoin could reach $500,000 by 2029. At the same time, the institution increased its forecast for the year 2025 from $150,000 to. $200,000.

MicroStrategy's strategy of using long-term convertible debt is considered the most viable, as it would allow the company to profit from the potential rise in the price of Bitcoin without the risk of the cryptocurrency being liquidated. Currently the company considering sale of convertible securities for $700 million to further increase its BTC reserves.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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