Global asset management firm Alliance Bernstein expects the price of bitcoin to reach $150,000 by 2025. The firm’s analyst has predicted “imminent” approvals of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), including those by leading asset management companies like Blackrock and Fidelity.
Alliance Bernstein: Bitcoin Could Hit $150K in 2025
Global asset management firm Alliance Bernstein expects the price of bitcoin to reach $150,000 by 2025, the firm’s senior analyst specializing in digital assets, Gautam Chhugani, wrote in a note Tuesday. This prediction is driven by optimism that the U.S. Securities and Exchange Commission (SEC) will soon approve spot bitcoin exchange-traded funds (ETFs).
“You may not like bitcoin as much as we do, but a dispassionate view of bitcoin as a commodity suggests a turn of the cycle,” the Bernstein analyst stated, elaborating: A good idea is only as good as its timing — SEC approved ETFs by world’s top asset managers (Blackrock, Fidelity et al), seems imminent.
Chhugani further explained that after the upcoming bitcoin halving in April of next year, “losing miners” will be “washed out,” creating favorable conditions for significant profits among the remaining participants.
Moreover, the asset management firm predicts that spot bitcoin ETF approvals would move up to 10% of bitcoin’s circulating supply into ETFs. Chhugani noted that currently, the only similar product is Grayscale’s Bitcoin Trust (GBTC). However, the crypto asset manager has filed with the SEC to convert GBTC to a spot bitcoin ETF. The SEC initially rejected the proposal but a court later ruled in favor of the crypto firm and ordered the securities regulator to reevaluate the firm’s application.
Last week, Bernstein said a spot bitcoin ETF in January next year looks like “a done deal.” Some analysts, including those at JPMorgan, are expecting the SEC to approve multiple spot bitcoin ETFs at once. Last week, the price of bitcoin surged on speculation that Blackrock, the world’s largest asset manager, is close to launching its spot bitcoin ETF.
According to SEC Chairman Gary Gensler, the securities watchdog is considering eight to 10 spot bitcoin ETF applications. Applicants include Cathie Wood’s ARK Investment Management, Blackrock, Bitwise, Wisdomtree, Fidelity, Vaneck, and Invesco. Eight applications have the latest possible review dates in the first quarter of next year, and three have the latest review dates in the second quarter.
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