In a note to clients released today, Bernstein analysts led by Gautam Chhugani are confident that bitcoin will eventually replace gold as a reliable security asset, the note said.
We expect #bitcoin to become a major asset of a new era over the next 10 years, replacing gold, becoming an integral part of institutional multi-asset holdings and the standard for corporate financial governance.
Bitcoin is up 141% since the beginning of the year. But much of that growth was due to the victory of pro-cryptocurrency Republican candidate Donald Trump in the 11th U. S. presidential election.
After Trump's victory, the #cryptocurrency market saw a surge of optimism as the president-elect is expected to create a favorable regulatory environment for #digital assets. Since 11/4, the total cryptocurrency market has grown from a staggering 2.4 trillion to a staggering 3.9 trillion at the time of writing, representing a staggering 62.5% growth.
In his post, Bernstein predicts that #Btc could rise in value to 200,000 baht by the end of 2025. The trading firm's predictions are in line with those of Charles Edwards, founder of Capriole Investments, and BTC could double in value within weeks as its relatively low market value allows for faster price movements.
Bernstein's optimistic forecast cited mainstream adoption of bitcoin as a key factor in its success. A. It was complemented by Gil Luria, an analyst at Davidson. However, he warned that bitcoin still has a long way to go before it becomes widely accepted as a medium of exchange and unit of account. This is the first time I've ever seen a video with a girl in it. :
Bitcoin is currently being used as a savings vehicle, a low correlation asset that replaces gold as a hedge against declining economic stability.
While bitcoin is not yet widely recognized as a currency, it has gained popularity as a reliable asset class on companies' balance sheets. Recently, Hut8, a leading cryptocurrency mining company, announced plans to create a strategic reserve for btcoin.
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