Bitcoin Price Soars to $1M by 2033: Bernstein Predicts

Bitcoin (BTC) is poised to hit $1 million by 2033 according to Bernstein's base and bull cases, citing government debt. The firm's analysis sees Bitcoin reaching its peak near $300,000 in 2029.

The base case has Bitcoin climbing back to about $125,000 by the end of 2026 and setting a record around $150,000 by mid-2027. From there, the model places the next cycle peak at roughly $300,000, two years after that record and four years after the last one.

A faster bull case points to a $500,000 peak in 2029, while the $1 million call for 2033 holds in both versions. Bernstein's base case values Bitcoin as a multiple of the marginal cost of mining a coin, assuming the asset keeps repeating the four-year cycle tied to its halving schedule.

The firm cut its price target on Strategy to $350 from $450 while keeping an Outperform rating, citing accelerated equity dilution and the reworked cycle outlook. Bernstein holds 840,447 BTC, close to 4% of the 21 million coins that will ever exist, a stake tied directly to the cycle call.