Bitcoin offers historic opportunities, says a major asset manager

Earlier this month, American asset manager Bernstein shared his prediction that Bitcoin (BTC) will rise to a price of $150,000 in 2025. In a new research report, the New York-based asset manager pointed out that Bitcoin’s fundamentals have “never looked better” than they do right now.

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Bernstein is bullish on Bitcoin

Bernstein’s report was released today. It is not publicly available, but CoinDesk has seen the report.

Bernstein discusses several reasons why Bitcoin’s fundamentals are currently in excellent shape. In this context, “fundamentals” refers to the underlying elements or characteristics that, in this case, determine the value and functioning of Bitcoin.

First, the report notes that 70 percent of outstanding shares were not traded last year. Today you could already read that this is a new record and can be described as extremely bullish. Bernstein analysts led by Global Digital Senior Analyst Gautam Chugani wrote the following about the special development:

“This is an all-time high in Bitcoin’s history – these turnover rates are exceptional for a financial asset, especially one known for its exponential movements due to supply constraints.”

Another potential positive catalyst in Bernstein’s eyes is the upcoming Bitcoin halving, scheduled for around April next year. According to Bernstein, the halving is expected to reduce miners’ monthly selling pressure from around $1 billion at current prices of $37,000 per BTC to less than $500 million.

The report also discussed the Financial Accounting Standards Board’s (FASB) favorable accounting standard. In September, the FASB voted to allow companies to use it “Accounting for fair value”or the valuation at the current market price to report their crypto holdings.

BTC exchange fund approval

Of course, the possible approval of a Bitcoin exchange fund could not be missing from Bernstein’s list. Bernstein, like many ETF analysts, expects the US Securities and Exchange Commission (SEC) will approve such a fund early next year. Specifically, the analysts wrote the following:

“The US Bitcoin ETF is on track for approval in early 2024 as the SEC continues to process applications from leading asset managers.”

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