Analyst Predicts Bitcoin Price to Rise to $150,000 by 2025 — 'Soon' Approval of Spot Bitcoin ETF Expected
Analyst Predicts Bitcoin Price to Rise to $150,000 by 2025 — 'Soon' Approval of Spot Bitcoin ETF Expected
Global asset management firm Alliance Bernstein predicts bitcoin prices will reach $150,000 by 2025. The firm's analysts have predicted “imminent” approval of a spot bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC), including one by leading asset management companies such as Blackrock and Fidelity.
Alliance Bernstein: Bitcoin Could Hit $150K by 2025
Global asset management firm Alliance Bernstein estimates bitcoin prices will reach $150,000 by 2025, the firm's senior analyst specializing in digital assets, Gautam Chhugani, wrote in a note on Tuesday. This prediction is driven by optimism that the US Securities and Exchange Commission (SEC) will soon approve bitcoin exchange-traded funds (ETFs).
“You may not love bitcoin as much as we do, but an unbiased look at bitcoin as a commodity suggests a cyclical shift,” said the Bernstein analyst, explaining:
Whether it's a good idea will depend on the timing — SEC approval of ETFs created by the world's leading asset managers (Blackrock, Fidelity, et al), seems imminent.
Chhugani further explained that after the upcoming bitcoin halving in April next year, “losing miners” will be “swept out,” creating favorable conditions for significant gains among the remaining participants.
Additionally, the asset management firm estimates that the approval of a spot bitcoin ETF will move up to 10% of the circulating bitcoin supply to the ETF. Chhugani noted that currently, the only similar product is Grayscale's Bitcoin Trust (GBTC). However, the crypto asset manager has filed with the SEC to convert GBTC into a spot bitcoin ETF. The SEC initially rejected the proposal but the court later ruled in favor of the crypto company and ordered the securities regulator to reevaluate the company's application.
Last week, Bernstein said a spot bitcoin ETF in January next year looked like a “done deal.” Some analysts, including at JPMorgan, expect the SEC to approve several bitcoin ETFs at once. Last week, bitcoin prices surged amid speculation that Blackrock, the world's largest asset manager, would soon launch its spot bitcoin ETF.
According to SEC Chairman Gary Gensler, the securities watchdog is considering eight to 10 spot bitcoin ETF applications. Applicants include Cathie Wood's ARK Investment Management, Blackrock, Bitwise, Wisdomtree, Fidelity, Vaneck, and Invesco. Eight applications have a possible final review date in the first quarter of next year, and three applications have a final possible review date in the second quarter.
Source: Kevin Helms
