A massive boom: Bitcoin could hit $150,000 by 2025

Bernstein predicted that the price of bitcoin might reach $150,000 by 2025 in a letter expressing confidence about a bitcoin exchange-traded fund.

According to Bernstein analyst Gautam Chhugani, the US Securities and Exchange Commission will approve a bitcoin ETF in the first quarter of 2024.

The bullish prediction is over five times the current price of $34,000 and more than twice bitcoin’s all-time high of more than $67,000, which was reached in November 2021.

Bernstein also anticipates that ETF approval would cause up to 10% of bitcoin’s circulating supply to move to ETFs. The clearance would allow traditional investors to easily access bitcoin through their financial portfolios.

According Bernstein, the only comparable product is Grayscale’s Bitcoin Trust, or GBTC, which now owns roughly 3% of outstanding bitcoin.

“You may not enjoy Bitcoin as much as we do, but a detached perspective of Bitcoin as a commodity signals a cycle turn,” Chhugani stated.

“A good concept is only as good as its timing—SEC-approved ETFs by the world’s major asset managers (BlackRock, Fidelity, and others) appear to be on the horizon,” Chhugani added.

The forecast came in a note in which Chhugani launched coverage on multiple bitcoin mining businesses, claiming that the April 2024 bitcoin “halving”—in which bitcoin incentives would be half as part of a scheduled and recurrent occurrence encoded into the currency’s core code—will cause “losing miners” to be “washed out,” clearing the way for enormous profits by the survivors.