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Bernstein Makes Insanely Bullish $1 Million Bitcoin Price Prediction
Alex Dovbnja
Bernstein predicts that the price of Bitcoin will reach $1 million in less than ten years
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According to AllianceBernstein, a global asset management firm based in Nashville, yes expected that the price of Bitcoin, the leading cryptocurrency, could rise to $1 million by 2033.
The firm believes that the cryptocurrency could take four years to double in price once it potentially reaches $500,000 in 2029.
As for this year, Bernstein raised his year-end price target from $150,000 to $200,000 in his new note, despite the current underperformance.
His bullish thesis is primarily based on the significant demand for Bitcoin exchange-traded funds launched earlier this year. Bernstein predicted that Bitcoin ETFs will account for as much as 15% of the cryptocurrency’s total supply less than a decade from now.
However, how reported by U.Today, JPMorgan does not share this bullish view. The banking giant recently threw cold water on Bitcoin ETFs, claiming that their net flows are significantly overstated. JPMorgan attributed more than half of the inflows to portfolio turnover on cryptocurrency exchanges. Furthermore, its analysts predict that Bitcoin inflows will slow down in the future.
Bernstein is also bullish on MicroStrategy
The firm also said it has a bullish price target of $2,890 for business intelligence firm MicroStrategy, known primarily for its massive Bitcoin holdings that currently stand at around $7.5 billion.
The company’s shares are currently trading at $1,515 each, up nearly 2% in the past 24 hours.
Bernstein noted MicroStrategy’s aggressive strategy of leveraging long-term convertible debt to buy more Bitcoin. This distinguishes it from passive spot ETFs.
According to Friday’s press release, the company increased its latest debt offering to $700 million.
AS reported by U.TodayProlific Bitcoin critic Peter Schiff recently criticized Saylor’s strategy, warning that creditors could force MicroStrategy to liquidate its holdings.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.