đș Bitcoin will hit $500,000 by the end of this decade as ETF demand booms, Bernstein says: đ±đ±đ±đ±đ±
đ„The price of bitcoin is set to soar to $500,000 by the end of the decade, according to a recent note from Bernstein.
đ„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.
đ„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.
đ„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.
đ„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.
đ„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.
đ„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.
đ„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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