Bitcoin

Million

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
According to AllianceBernstein, a Nashville-based global asset management firm, has&nbsp;<a href="https://x.com/carlquintanilla/status/1801593277277188241" rel="noopener noreferrer nofollow">predicted</a> that the price of Bitcoin, the leading cryptocurrency, could surge to as high as $1 million by 2033.&nbsp;
The firm believes that it could take the cryptocurrency four years to double its price once it potentially reaches $500,000 in 2029.&nbsp;
As for this year, Bernstein has increased its year-end price target from $150,000 to $200,000 in its new note despite its current underperformance.&nbsp;
Its bullish case is mostly based on significant demand for Bitcoin exchange-traded funds that launched earlier this year. Bernstein has predicted that Bitcoin ETFs will account for as much as 15% of the cryptocurrency's total supply less than a decade from now.&nbsp;
However, as&nbsp;<a href="https://u.today/jpmorgan-issues-major-bitcoin-warning-as-btc-price-plunges" rel="noopener noreferrer nofollow">reported by U.Today</a>, JPMorgan does not share this bullish view. The banking giant recently poured cold water on Bitcoin ETFs, claiming that their net flows are significantly overestimated. JPMorgan has attributed more than half of the inflows to a rotation from wallets on crypto exchanges. Moreover, its analysts expect Bitcoin inflows to slow down in the future.
<h2 id="bernstein-also-bullish-on-microstrategy">Bernstein also bullish on MicroStrategy&nbsp;</h2>
The firm has also stated that it has a bullish $2,890 price target for business intelligence firm MicroStrategy, which is primarily known for its massive Bitcoin holdings that currently stand at roughly $7.5 billion.&nbsp;
The company's shares are currently trading at $1,515 a pop, up almost 2% over the past 24 hours.&nbsp;
Bernstein has taken note of MicroStrategy's aggressive strategy of leveraging long-term convertible debt to buy more Bitcoin. This sets it apart from passive spot ETFs.&nbsp;
The firm bumped up its latest debt offering to $700 million, according to its Friday press release.&nbsp;
As&nbsp;<a href="https://u.today/bitcoin-btc-will-crash-when-saylor-stops-buying-peter-schiff-predicts" rel="noopener noreferrer nofollow">reported by U.Today</a>, prolific Bitcoin critic Peter Schiff recently criticized Saylor's strategy, warning that creditors might force MicroStrategy to liquidate its holdings.

Bernstein Makes Insanely Bullish $1 Million Bitcoin Price Prediction

Table of Contents

U_Today

Other articles published on Jun 14, 2024

Dogecoin (DOGE) Price Shows Fake Bullish Divergence, While PEPE Price Gears Up for the Next Leg Up!

Crypto Investor Who Locked In $3,500,000 Profit as Bitcoin (BTC) Resumed Rally Accumulates Solana...

Solana Set To Soar? Analyst Predicts Over 50% Surge For SOL If This Key Support Holds

Bitcoin Faces Difficult Hours on the Last Trading Day

Ethereum Sees Record Long-Term Holder Accumulation Amid Price Dip

Crypto Analyst Bets Big on AI Coins' Rise: Here Are the Top 3 Coins He Chose

Join our free newsletter for daily crypto updates!