1 Top Cryptocurrencies to Buy Before They Soar 1,415% to $1 Million, Some Wall Street Analysts Say

Bitcoin (CRYPTO:BTC) has returned 150% over the past year, easily outpacing the U.S. stock market. But Bernstein analysts Gautam Chhugani and Mahika Sapra expect the cryptocurrency to grow much higher over the next decade. Their price targets are listed below, along with the implied upside based on Bitcoin’s current price of $66,000.

  • 2025: $200,000 (implied 202% increase)

  • 2029: $500,000 (implied increase of 658%)

  • 2033: $1 million (implied increase of 1,415%)

Chhugani and Sapra gave two reasons for their confidence in a recent note to clients. First, the demand for Bitcoin among institutional investors tends to increase due to the recent approval of spot Bitcoin ETFs. Second, Bitcoin’s supply is limited to 21 million coins by periodic halving events.

Here’s what investors should know about Bitcoin.

Spot Bitcoin ETFs have already driven demand among institutional investors

The SEC approved 11 Spot Bitcoin ETF applications in January 2024. This was a major development for two reasons. First of all, Bitcoin now bears the regulatory seal of approval, which legitimizes the cryptocurrency as an institutional asset. Second, spot Bitcoin ETFs provide direct exposure to Bitcoin without the complexities of cryptocurrency trading, and they often cost less.

For example, the iShares Bitcoin Trust (NASDAQ:IBIT) supports an expense ratio of 0.25%, meaning the annual fees on a $10,000 portfolio would total $25. But Global Coinbase charges up to 0.6% per transaction, meaning a $10,000 transaction could cost $60.

Collectively, this value proposition resonates with the market. Actually, black rockiShares Bitcoin Trust and Fidelity Wise Original Bitcoin Trust (NYSEMKT:FBTC) have accumulated more assets in their first 50 days on the market than any ETF in history, according to Bloomberg Intelligence. The iShares Bitcoin Trust also reached $10 billion in assets faster than any other ETF, according to the Wall Street Journal.

It is also worth noting that according to Forms 13F filed with the SEC, more than 400 institutional investors purchased positions in the iShares Bitcoin Trust in the first quarter and more than 200 purchased positions in the Wise Origin Bitcoin Trust. These figures include Citadel Advisors, DE Shaw and Millennium Management, the three most profitable hedge funds in history.

In their note to clients, Bernstein analysts Gautam Chhugani and Mahika Sapra explained why spot Bitcoin ETFs could drive greater institutional adoption in the future. “We believe that U.S. regulated ETFs were a watershed moment for crypto that drove structural demand from traditional capital pools.”

Bitcoin Halving Events Have Always Been Followed by Price Appreciation

Bitcoin is like other assets in that its price is determined by supply and demand. But unlike most assets, demand is the most important variable because Bitcoin’s supply is fixed. Periodic halving events are the mechanism by which the 21 million coin supply limit is enforced.

To elaborate, Bitcoin mining subsidies – newly created…

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