Asset management and research firm AllianceBernstein forecasts that Bitcoin’s price could climb to $150,000 by 2025, largely driven by optimism surrounding the approval of a spot Bitcoin ETF.
AllianceBernstein, an international asset management company, has released a note suggesting that Bitcoin’s price could potentially surge to $150,000 by 2025. This forecast, disclosed on 31 October, is based on the expectation that the U.S. Securities and Exchange Commission (SEC) will greenlight a spot Bitcoin exchange-traded fund (ETF) by the first quarter of 2024. The estimate represents a fivefold increase from Bitcoin’s current price, which is around $34,000, and more than a twofold increase from its all-time high of over $67,000 in November 2021.
Bernstein anticipates that the SEC’s approval of a spot Bitcoin ETF could result in up to 10% of Bitcoin’s circulating supply being allocated to ETFs. This would offer traditional investors a direct avenue to invest in Bitcoin, unlike the current closest alternative, Grayscale’s Bitcoin Trust (GBTC), which holds about 3% of the total outstanding Bitcoin.
Gautam Chhugani, an analyst at Bernstein, highlighted the importance of timing in his note. He argued that even if one is not a Bitcoin enthusiast, viewing it objectively as a commodity suggests that the timing for an SEC-approved ETF appears to be near. Chhugani’s remarks were part of a broader analysis that also initiated coverage on several Bitcoin mining companies.
The note also discussed the upcoming Bitcoin “halving” event slated for April 2024. During this event, Bitcoin mining rewards will be halved, a feature programmed into Bitcoin’s code. Chhugani believes this will lead to the exit of less successful miners, benefiting those who remain.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/nov/01/
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