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☆ Bitcoin will hit $500,000 by the end of this decade as ETF demand booms, Bernstein says
  + stars: | 2024-06-15 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +3 min
Bitcoin is predicted to hit $500,000 by 2029, according to Bernstein. The bullish outlook is driven by a sustained boom in demand for bitcoin ETFs, combined with constrained supply. AdvertisementThe price of bitcoin is set to soar to $500,000 by the end of the decade, according to a recent note from Bernstein. Advertisement"This is led by unprecedented Bitcoin demand ($190Bn AUM in 2025E vs. $60Bn today) via ETFs run by the world's leading asset managers, and Bitcoin supply being constrained," Bernstein said. Bernstein argues that MicroStrategy deserves the premium valuation as it offers investors an "active-leveraged" strategy compared to passive bitcoin ETFs.
Persons: Bitcoin, Bernstein, —, Gautam Chhugani, Mahika Sapra, bitcoin, Chhugani, Sapra, MicroStrategy Organizations: Service, BTC
☆ Bernstein says MicroStrategy is 'building the world's largest bitcoin company' and has 80% upside
  + stars: | 2024-06-14 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +2 min
MicroStrategy can run another 80% from here thanks to its aggressive bitcoin buying strategy, according to Bernstein. "Since August 2020, MSTR has transformed from a small software company to the largest bitcoin holding company, owning 1.1% of world's Bitcoin supply worth ~$14.5Bn," Bernstein analyst Gautam Chhugani said in a note. "MSTR's founder chairman, Michael Saylor has become synonymous with brand bitcoin and has positioned MSTR as a leading bitcoin company, attracting at-scale capital (both debt and equity) for an active bitcoin acquisition strategy." "MSTR positions itself as an 'active-leveraged' bitcoin strategy vs. passive spot ETFs," Chhugani said. … On a dollar basis, MSTR's Bitcoin $ NAV per share has grown ~4-fold beating ~2.4x growth in bitcoin spot price."
Persons: Bernstein, MicroStrategy, MSTR, Gautam Chhugani, MSTR's, Michael Saylor, Chhugani, — CNBC's Michael Bloom Organizations: BTC
☆ This beaten-up bitcoin proxy should rebound 35% as the cryptocurrency reclaims the spotlight, Berenberg says
  + stars: | 2023-04-28 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +1 min
Bitcoin is back in a bull market by many accounts and is poised to continue its 2023 rally as the rest of crypto comes under regulatory scrutiny. Equity investors interested in riding bitcoin's current uptrend should consider buying shares of Microstrategy , the enterprise analytics firm and bitcoin proxy, according to Berenberg Capital Markets. Microstrategy offers "the most attractive means" through which investors can express a view on bitcoin, Palmer said, citing its correlation of 0.90 to the crypto asset for his stance. The mandates of many institutional investors preclude them from purchasing bitcoin directly. "MSTR's stock offers a leveraged means through which investors can take advantage of that event."
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