Bitcoin Fundamentals Have Never Looked Better: Bernstein
Broker Bernstein predicts in a research report that Bitcoin (BTC) could increase to a market cap of over $3 trillion, quadrupling by mid-2025. The report highlights that 70% of existing Bitcoin supply hasn't been traded in the past year, suggesting strong fundamentals. The upcoming Bitcoin halving in mid-2022 is anticipated to lower sales pressure from miners. New guidelines from the Financial Accounting Standards Board (FASB) are expected to make holding Bitcoin as a treasury asset more attractive to corporations, as it will allow mark-to-market gains. Furthermore, potential approval of a US-listed spot Bitcoin ETF in early 2024 will simplify cryptocurrency access. The report also predicts Bitcoin's role as a hedge against economic debasement could gain more importance given potential early 2024 economic scenarios.
