A global asset management company with offices in Nashville called AllianceBernstein thinks that Bitcoin will have a very strange future. They think it will be $1 million by 2033. The company believes that Bitcoin’s price will double to $500K by 2029 and then keep going up.
At the end of the year, the price goal for BTC has been raised from $150,000 to $200,000. This is true even though the price is not performing well at the moment.
Most of the time, he is delighted because he believes that people will want to buy the new BTC exchange-traded funds (ETFs). In the next ten years, they think that ETFs could hold up to 15% of all the Bitcoins that are in use.
Bitcoin ETF Concerns Amid Price Targets
Bernstein supports Bitcoin ETFs, but JPMorgan is still not sure about them. They say that most of the funds that comes in is sent from crypto exchange wallets, which makes them question how much money they really have. Bankers at JPMorgan believe that the amount of BTC coming into the country will decrease over time.
Not only did Bernstein think BTC would go up in value, he also set a high price goal of $2,890 for MicroStrategy, a business intelligence firm that is known to hold about $7.5 billion worth of BTC. MicroStrategy stock just hit $1,515, which is almost a 2% rise in the last 24 hours.
Bernstein said that MicroStrategy is not the same as passive spot ETFs because it uses risky long-term converted debt to buy more Bitcoin. MicroStrategy said in a news release on Friday that the amount of debt it is giving has grown to $700 million.
People who are opposed to Bitcoin, like Peter Schiff, have doubts about MicroStrategy’s plan and have worried that the company’s creditors might be able to force it to sell its BTC shares.
