Bitcoin, Crypto-Related Stocks Are Ripe for Institutional Adoption: Bernstein
Broker Bernstein has stated in a research report that Bitcoin and crypto-linked stocks are underrated and ready for institutional adoption. Despite arguments from crypto bears that the spot Bitcoin exchange-traded fund (ETF) trade is over, Bernstein sees Bitcoin ETFs on the verge of approvals at major wirehouses and large private bank platforms in Q3/Q4. The report also suggests that institutional investors are now considering net long positions as they become more comfortable with improving ETF liquidity. Bitcoin ETF inflows are expected to increase in the third and fourth quarters, with the next stage of adoption driven by large advisers approving ETFs and allocation headroom from existing portfolios. Bernstein predicts Bitcoin will reach a cycle high of around $200,000 by 2025, $500,000 by 2029, and $1 million by 2033. The broker has given an outperform rating to Bitcoin miners Riot Platforms and CleanSpark, software company MicroStrategy, and trading platform Robinhood.
