Bitcoin Could Hit $1M Within 10 Years, Bernstein Says as It Initiates Coverage of MicroStrategy

According to Bernstein, the price of Bitcoin could potentially reach $1 million by 2033 and reach a cycle-high of $200,000 by 2025. Bernstein just initiated coverage of software developer MicroStrategy, the largest corporate owner of Bitcoin, giving it an outperform rating. MicroStrategy currently owns 1.1% of the global supply of Bitcoin, valuing at around $14.5 billion. The company has been actively acquiring the cryptocurrency since 2020 and positions itself as an active leveraged Bitcoin strategy. Bernstein’s price forecast is based on the high demand for Bitcoin from spot exchange-traded funds and the limited supply of the cryptocurrency. They estimate that Bitcoin could reach $500,000 by 2029. MicroStrategy’s long-term convertible debt strategy allows them to profit from potential Bitcoin upside while minimizing liquidation risk. The company recently proposed a $500 million debt sale of convertible notes to further increase its Bitcoin holdings.