Bitcoin set to reach $1M by 2033, forecast Bernstein analysts

Analysts at Bernstein are bullish on Bitcoin (BTC), predicting its value could soar to $1 million by 2023. Previously, the company raised BTC’s price target from $80,000 to $90,000 by the end of this year .

According to a recent report first covered by CoinDesk, Bernstein expects MicroStrategy’s stock price to outperform the overall market, targeting $2,890 in the future. The company’s shares closed at roughly $1,484 on Thursday, according to Google Finance.

MicroStrategy has actively added more BTC to its portfolio since the beginning of this year. The latest purchase was made in March when the company said it bought around 9,200 BTC. The purchase used the proceeds of a $500 million debt offering, as reported by Crypto Briefing, and excess cash.

Bernstein’s projections follow MicroStrategy’s recent proposal to offer $500 million convertible notes to buy more BTC. If the offering goes through successfully, it will be the third convertible note offering for the tech company in 2024.

MicroStrategy owns approximately 1.1% of the global Bitcoin supply, valued at about $14.5 billion. The company is the leading corporate holder of Bitcoin.

Rather than investing in spot Bitcoin exchange-traded funds (ETFs), MicroStrategy has actively bought Bitcoin, which has resulted in higher Bitcoin per equity share over the last four years, according to Bernstein analysts.

Bernstein’s bullish Bitcoin price forecast is based on the growing demand from spot Bitcoin ETFs and the limited supply of the crypto asset. The firm adds that MicroStrategy’s approach to long-term convertible debt allows it to capitalize on Bitcoin’s potential appreciation with minimal risk of needing to liquidate its holdings.