Bernstein Predicts Bitcoin (BTC) to Reach $1 Million by 2033

Published: Jun 14, 2024
Written By:
Vignesh Karunanidhi
Milk Road Writer

Bernstein analysts Gautam Chhugani and Mahika Sapra forecast the Bitcoin (BTC) price to hit $1 million by 2033.

The analysts also predicted the price would reach a cycle high of $200,000 by 2025. The research firm cited unprecedented demand from spot exchange-traded funds (ETFs).

Bernstein has initiated coverage on MicroStrategy. The firm is one of the largest corporate owners of Bitcoin.

Key points:

  • Bernstein’s Bitcoin price forecast is driven by the anticipated demand from spot ETFs.
  • The firm estimates that Bitcoin could reach $500,000 by 2029 and has raised its 2025 estimate from $150,000 to $200,000.
  • MicroStrategy’s long-term convertible debt strategy allows it to benefit from potential Bitcoin upside with limited liquidation risk.
  • MicroStrategy owns 1.1% of the global Bitcoin supply, worth around $14.5 billion.

Also check out: MicroStrategy To Purchase More Bitcoin (BTC) With $500M Capital Raise

Over the past four years, MicroStrategy has transformed itself from a small software company into a major player in the cryptocurrency space. The company currently holds 214,400 Bitcoin. 

Bernstein’s bullish outlook on Bitcoin attributed to spot ETF demand

The firm’s bullish outlook on Bitcoin’s future price is largely attributed to the expected surge in demand from spot ETFs.

The analysts expect the demand to reach around $190 billion in assets under management by 2025. The forecast is up from the current $60 billion.

Chhugani and Sapra believe that the approval of U.S.-regulated ETFs was a major moment for the crypto industry.

Bernstein estimates that Bitcoin ETFs will hold the equivalent of approximately 7% of the Bitcoin in circulation by 2025. This is also equivalent to around 15% of the total Bitcoin supply by 2033. 

Vignesh Karunanidhi

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.