【Bernstein: Bitcoin Price Target of $200,000 by 2025】According to Golden Finance, Bernstein analysts have released ten predictions for the cryptocurrency industry in 2025, reaffirming a Bitcoin price target of $200,000. They noted that the stablecoin market size will exceed $50 billion, net inflows for spot Bitcoin ETFs will exceed $70 billion, and the integration of cryptocurrency and artificial intelligence will deepen further. Bernstein calls 2025 the beginning of the 'Era of Infinity', believing it to be a long-term period of continuous evolution and widespread acceptance of cryptographic technology. Analyst Gautam Chhugani stated that the crypto industry will gradually detach from cyclical fluctuations, integrate into the financial system, and become an important part of the intelligent era. The report predicts that the U.S. spot Bitcoin ETF will attract over $70 billion in net inflows, with institutional adoption rates rising rapidly, and the proportion of ETF investments held increasing from 22% in 2024 to 40%. At the same time, MicroStrategy and Bitcoin miners' capital expansion plans will drive corporate financial adoption to reach $50 billion by 2025. Furthermore, Bernstein anticipates that the integration of AI and the cryptocurrency industry will give rise to innovative fields such as decentralized AI blockchain, AI-integrated cryptocurrency wallets, and 'human certification'-based verification services; Bitcoin miners will increasingly turn to AI to optimize business models and attract a broader range of institutional investors.