Bernstein Sees $1M Bitcoin Target by 2033 as Currency Devaluation Concerns Rise

Bernstein's analysts have made some ambitious predictions for Bitcoin's price trajectory. According to their base case scenario, Bitcoin will reach $150,000 by mid-2027 and $300,000 by 2029. In an optimistic scenario, the cryptocurrency could climb even higher, reaching a cycle peak of $500,000 in 2029 and $1 million by 2033.

The analysts' forecast is based on the idea that sovereign debt levels are growing and concerns about currency devaluation are increasing, which will lead to a greater appetite for finite assets like Bitcoin. They also point out that approximately 59% of Bitcoin's circulating supply has remained dormant over the past year, suggesting that institutional investors may be holding back from selling.

However, Bernstein has reduced its Strategy stock price target to $350 due to increased equity dilution velocity and share price performance.