$200,000 Bitcoin In 2025? $791 Billion Asset Manager Calls It ‘Conservative’
24 Outubro 2024 - 8:30AM
NEWSBTC
Bernstein Research, the esteemed research arm of global asset
manager AllianceBernstein, is projecting that Bitcoin will reach
$200,000 by the end of 2025. The firm, which manages assets worth
$791 billion as of August 2024, labels this prediction as
“conservative” in its latest 160-page “Black Book” on Bitcoin. Why
BTC Price Will Hit $200,000 In 2025 Bernstein’s report, titled
“From Coin to Computing: The Bitcoin Investing Guide,” delves into
the multifaceted dynamics propelling Bitcoin’s ascent. The firm
underscores the surge in institutional adoption, the burgeoning
market for Bitcoin exchange-traded funds (ETFs), and the evolving
role of Bitcoin miners in both the cryptocurrency and artificial
intelligence (AI) sectors. “If you are a Bitcoin skeptic … maybe a
limited supply, ‘store of value’ digital asset is not such a bad
thing in a world where U.S. debt hits new records ($35 trillion
now) and threats of inflation still loom. If you like gold here,
you should love Bitcoin even more,” writes Gautam Chhugani,
Managing Director and Senior Analyst at Bernstein. Related Reading:
Expert Sets $285,000 Bitcoin Price Target Based On Quantile Model
The report highlights a significant shift in institutional
investment patterns. According to Bernstein, global asset managers
now hold approximately $60 billion worth of Bitcoin and Ethereum
ETFs, a fivefold increase from $12 billion in September 2022. The
firm describes the launch of these ETFs as “the most successful in
the history of exchange-traded funds,” noting $18.5 billion in
inflows year-to-date since their introduction in January. “By 2024
end, we expect Wall Street to replace Satoshi as the top Bitcoin
wallet,” the report states. Bernstein attributes this surge to the
logistical challenges of self-custody for retail investors. “With
institutional players flocking to Bitcoin, ETFs are proving to be
the entry point for large-scale investment in digital assets,” the
firm notes. Bernstein’s bullish stance on Bitcoin is underpinned by
its analysis of market trends and institutional behavior. BTC price
has already appreciated by 120% over the past 12 months, with its
market capitalization swelling to $1.3 trillion. “With
institutional adoption accelerating, we expect Bitcoin to triple
from its current levels,” Bernstein projects. The firm anticipates
that Bitcoin’s market cap could expand to over $3 trillion by the
end of 2025, driven by increased allocations from wealth management
platforms, pension funds, and registered investment advisors. The
report also suggests that larger financial institutions will play a
more dominant role as the market matures. “This new institutional
era, in our view, could push Bitcoin to a high of $200,000 by 2025
end,” the analysts write, emphasizing that the forecast is
“conservative” given the current trajectory of institutional
involvement. Bitcoin Treasury And Mining Another focal point of
Bernstein’s report is the growing adoption of Bitcoin as a
corporate treasury asset. The firm highlights MicroStrategy
Incorporated (NASDAQ: MSTR) as a pioneering example. Led by CEO
Michael Saylor, MicroStrategy has allocated more than 99% of its
cash holdings to Bitcoin, owning approximately 1.3% of the total
Bitcoin supply. Related Reading: Bitcoin’s Network Fundamentals
Turn Bullish—Here Are The Details “We view MicroStrategy as an
active leveraged Bitcoin equity strategy,” Bernstein states,
pointing out that the company’s stock has offered superior returns
compared to holding Bitcoin directly or via ETFs. Bernstein’s
report also sheds light on the consolidation trends within the
Bitcoin mining industry. Major players like Riot Platforms (NASDAQ:
RIOT), CleanSpark (NASDAQ: CLSK), and Marathon Digital Holdings are
acquiring smaller miners, leading to an industry dominated by
industrial-scale operations. “Leading US Bitcoin miners are
consolidating share and becoming energy infrastructure players,”
the report notes. “We expect Riot, CleanSpark, and Marathon to
consolidate the Bitcoin mining industry.” Bernstein predicts that
these leading miners will control 30% of Bitcoin’s total hashrate
by 2025. The analysts further explore the synergy between Bitcoin
mining and AI infrastructure. Bitcoin miners are emerging as
attractive partners for GPU cloud providers, offering
gigawatt-scale energy access and reducing the “time to market” for
energizing AI data centers. “Miners present an energy arbitrage
opportunity, trading at $2-4 million per megawatt, compared to
$30-50 million per megawatt for legacy data centers,” Bernstein
observes. Companies like Core Scientific and Iris Energy are
capitalizing on this by developing AI data centers alongside
Bitcoin mining operations. “Bitcoin miners are evolving into
essential partners for AI data centers as they capitalize on excess
energy capacity and offer efficient solutions for high-performance
computing,” Bernstein states. This convergence not only diversifies
revenue streams for miners but also enhances the sustainability and
scalability of AI infrastructures. At press time, BTC traded at
$67,162. Featured image created with DALL.E, chart from
TradingView.com
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