📺 Bitcoin will hit $500,000 by the end of this decade as ETF demand booms, Bernstein says: 😱😱😱😱😱
🔥The price of bitcoin is set to soar to $500,000 by the end of the decade, according to a recent note from Bernstein.
🔥In an initiation note of MicroStrategy stock, Bernstein analysts Gautam Chhugani and Mahika Sapra said bitcoin is poised to soar 659% from Friday afternoon levels to hit half-a-million dollars by 2029.
🔥The culprit for the massive price increase is booming demand for bitcoin ETFs, which have attracted tens of billions of dollars in assets since their launch earlier this year.
🔥That soaring demand, combined with an ever-dwindling supply of bitcoin, creates a ripe supply-and-demand dynamic that should thee the cryptocurrency continue to rise in price.
🔥This is led by unprecedented Bitcoin demand ($190Bn AUM in 2025E vs. $60Bn today) via ETFs run by the world's leading asset managers, and Bitcoin supply being constrained," Bernstein said.
🔥Chhugani and Sapra said their base case projection for the price of bitcoin is $200,000 by 2025, $500,000 by 2029, and $1 million by 2033.
🔥The analysts had previously expected bitcoin to reach a cycle high of $150,000 in 2025, but they upped their estimates due to strong ETF flows.
🔥The firm's forecast was part of its note initiating coverage of Microstrategy, which Bernstein said is "building the world's largest Bitcoin company."
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