Bernstein Predicts Timeline for Bitcoin to Hit $1 Million 

Analysts at leading asset management firm Bernstein project Bitcoin (BTC) to reach $1 million by 2033 during a coverage of MicroStrategy stock.

Despite the ongoing market uncertainty, the long-term outlook for Bitcoin remains increasingly bullish, as evidenced in recent projections from Bernstein, one of America’s largest asset managers, with $759 billion in assets under management (AUM), per latest readings.

Bernstein Assesses MicroStrategy

This bullish projection comes as Bernstein analysts present a coverage of MicroStrategy, rating it “outperform” and predicting the firm’s stock (MSTR) to hit a target of $2,890. This represents a 94% increase from MSTR’s current value of $1,483 from the previous market session’s close.

According to the analysts, MicroStrategy has ample time to profit from what they perceive would be a bullish phase for Bitcoin. This is due to the software company’s exposure to Bitcoin, with 214,400 BTC currently worth $14.42 billion in its balance sheet. 

With over 1% of the entire BTC supply in its bag, MicroStrategy is one of the largest institutional holders of BTC. Despite its substantial holdings, the company, led by its chairman and Bitcoin bull Michael Saylor, is looking to procure more Bitcoin tokens with a recent $500 million bond offering. 

Due to its large exposure, a rapid surge in the price of Bitcoin would lead to higher gains for the company. At the reporting time, MicroStrategy holds an unrealized profit of about $7 billion for its Bitcoin bet. This figure would see an increase if BTC spikes beyond this current level, and Bernstein analysts expect this spike to be monumental.

Bitcoin to $1 Million by 2033

Recall that shortly after Bitcoin clinched a new all-time high above $72,000 in March, analysts at Bernstein disclosed that they are now “convinced” the premier crypto asset could hit $150,000. In the latest report, they have now reviewed this target to $200,000 for the ongoing cycle. 

This contrasts sentiments from market veteran Peter Brandt, who says BTC might have already peaked for this cycle. Brandt’s outlook has shifted from bullish to bearish, with the analyst discussing the possibility of a further BTC price drop to $48,000.

Meanwhile, Bernstein analysts expect the $200,000 target to materialize by next year. According to them, the recent review was due to an unexpectedly high demand for spot Bitcoin ETFs. These products have seen a monumental $15.3 billion in positive netflows since January despite the sustained outflows from the Grayscale Bitcoin Trust (GBTC).

In addition to the $200,000 price target for 2025, Bernstein also predicts Bitcoin to reach $500,000 five years from now, in 2025, marking a 5-year growth of 644%. Moreover, the analysts also project a $1 million price target for Bitcoin by 2033. Should it occur, this would represent a 1,388% price surge in price within nine years, as BTC currently trades for $67,200.