Bernstein Predicts Bitcoin to Hit $1 Million by 2033

Bernstein Raises Bitcoin Price Forecast and Targets

Asset management firm Bernstein, with over $750 billion in assets, has doubled down on its Bitcoin price forecast, raising its target for 2025 from $150,000 to $200,000. The firm's analysts project that Bitcoin will reach an astounding $1 million by 2033.

The prediction comes as Bernstein analysts cite the recent launch of spot Bitcoin ETFs as a key catalyst for the expected surge. "We believe that the U.S regulated ETFs were the watershed moment for crypto that brought in structural demand from traditional pools of capital," noted Gautam Chhugani and Mahika Sapra, Bernstein analysts, in a note to clients.

Since their debut in early January, spot Bitcoin ETFs have attracted over $15 billion in net inflows. Bernstein analysts project that the global spot Bitcoin ETF market could grow to account for roughly 7% of Bitcoin's circulating supply by 2025.

Long-Term Bitcoin Price Predictions Through 2033

The firm's analysts also anticipate that Bitcoin is currently in a new bull cycle. They point to the recent halving of the block reward, which cut daily Bitcoin emission from 900 to 450, as a key factor. They believe that a combination of surging demand and a restricted supply could push Bitcoin prices above $200,000 by the end of 2024.

By 2033, Bernstein analysts anticipate that spot Bitcoin ETFs will account for approximately 15% of Bitcoin's circulating supply. Coupled with a potential rise in the marginal cost of production, this could drive Bitcoin prices to over $1 million in the next eight years.

The analysts predict that Bitcoin will reach $500,000 by the end of 2029 and over $1 million by 2033.

In a related development, Bernstein also initiated coverage on MicroStrategy stock, assigning an "outperform" rating with a price target of $2,890 by the end of 2025. MicroStrategy, an AI-powered cloud analytics firm, currently holds 214,400 bitcoins. The company recently announced a $700 million convertible notes sale, with proceeds designated for purchasing additional Bitcoin.