Bitcoin To Hit $150,000 by 2025: Bernstein
Bitcoin has the potential to reach $150,000 by 2025, according to Bernstein. This optimism is closely linked to the potential approval of a bitcoin exchange-traded fund
Bernstein's analyst, Gautam Chhugani, anticipates SEC approval for a Bitcoin ETF by Q1 2024
If the SEC grants approval, up to 10% of Bitcoin's circulating supply could flow into ETFs, making it more accessible to traditional investors
Currently, Grayscale's Bitcoin Trust (GBTC) holds approximately 3% of the outstanding Bitcoin
He emphasized that considering Bitcoin as a commodity could mark a turning point in the market
The possibility of SEC-approved ETFs backed by major asset managers like BlackRock and Fidelity appears increasingly likely
As we await potential ETF approval, Bitcoin recently reached $35,000, highlighting investor optimism.