By 2025, the price of bitcoin could rise to $150,000, according to a new forecast by investment research firm Bernstein.
In a note to clients on Tuesday, Bernstein analyst Gautam Chugani cited optimism that Bitcoin exchange-traded funds (ETFs) could be approved by the Securities and Exchange Commission (SEC) in the next two years.
According to a report from CNBC, Chugani wrote in the note that he believes the SEC will approve the Bitcoin ETF in the first quarter of 2024. His prediction echoes that of JP Morgan analysts who say there is a 90% chance investors will get BTC. Fund before January 10th.
Bernstein, along with most Wall Street firms, floated BTC as an investment asset in 2018. But the company was still focused on tracking Bitcoin mining companies and publishing its own take on the firm-to-firm contagion. 2022.
Now, according to the firm, the Bitcoin ETF will allow mainstream investors to gain exposure to BTC directly from their portfolios as an investment product regulated by the SEC for the first time. Currently, the only similar product is the Greyscale Bitcoin Trust (GBTC), which holds about 3 percent of the outstanding BTC supply.
The $150,000 target is nearly five times Bitcoin's current price of around $34,000 and more than double the all-time high of $67,000 as of November 2021. If it comes true, Bernstein's lofty prediction would signal a major shift to cryptocurrency from last year's booming sales. .
Bitcoin rallied last week for the first time since May 2022. Investors are hoping the SEC will approve a Bitcoin ETF after the court declined to appeal the Grayscale case. However, SEC Chairman Gary Gensler has been very critical of the crypto industry, so whether regulators will accept the Bitcoin ETF is uncertain.
Bernstein also said that the “halving” event in 2024 would help boost BTC's value by forcing out unproductive miners. The firm has initiated coverage on several BTC mining stocks, expecting survivors to see significant gains.
Editor's Note: This article was written with the help of AI. Edited and fact-checked by Stacy Elliott.
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