🚀 Bitcoin's Fundamentals Have Never Looked Better: Bernstein

💸Bitcoin (BTC) will become a global macro-political asset with a market capitalization of over $3 trillion, quadrupling by mid-2025, according to brokerage firm Bernstein in a research report released on Monday.

Bernstein states that the fundamentals of the cryptocurrency have never looked better, noting that 70% of the existing supply didn't trade last year.

👨‍💻"This is a record in Bitcoin's history—such outflows are extraordinary for a financial asset, especially one known for its exponential moves driven by supply reduction," write analysts led by Gautam Chugani.

👥A more favorable accounting regime based on the new Financial Accounting Standards Board (FASB) guidance allowing companies to mark Bitcoin inventory at market prices "will favorably impact corporate preference to hold Bitcoin as treasury assets, thus creating new sources of demand from corporations," the report states.

📊Another tailwind is the approval of a U.S.-registered Bitcoin exchange-traded fund (ETF), which will make it easier for companies and retail traders to access cryptocurrency. "A U.S. Bitcoin ETF is on track for approval in early 2024 as the Securities and Exchange Commission (SEC) continues to consider applications from leading asset managers," the authors write.

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