Bernstein analysts have repeated their forecast of the first cryptocurrency reaching $200,000 by the end of next year and called it “conservative,” The Block writes.
“Bitcoin will be $200,000 this cycle (late 2025). […] We are conservative,” Bernstein’s head of digital assets Gautam Chhugani said in a note to clients.
The expert drew attention to the investment attractiveness of the first cryptocurrency against the backdrop of the growth of the US national debt ($35 trillion) and the threat of inflation.
“If you like gold in this regard, you should like Bitcoin even more,” Chhugani emphasized, noting the limited supply of the cryptocurrency.
For investors wary of direct bitcoin trading, the analyst suggested shares of MicroStrategy, the largest corporate owner of digital gold. Another option could be crypto services from Robinhood, the expert believes.
In this vein, Chhugani also pointed to the shares of mining companies such as Riot Platforms, CleanSpark and Core Scientific, which is actively developing its business in the field of AI computing.
According to the analyst, the latter is still undervalued, especially against the backdrop of a $2 billion expansion of the CoreWeave deal. The AI firm exercised an option and reserved 100% of the miner's available 500 MW of capacity for its own needs.
At the time of writing, Bitcoin is trading at around $66,600. That's about 10% below its all-time high set in March, but nearly 60% above its price at the start of the year.
Let us recall that Bernstein analysts linked the cryptocurrency rally in October to Donald Trump’s increased chances of becoming the US president as a result of the November elections.
For the same reason, Matrixport called its forecast of Bitcoin reaching $70,000 by the end of the year “too conservative.”
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