Skip to content

Bitcoin Could Hit $1M Within 10 Years, Bernstein Says as It Initiates Coverage of MicroStrategy

Bitcoin Could Hit $1M Within 10 Years, Bernstein Says as It Initiates Coverage of MicroStrategy
The broker initiated coverage of the stock with an outperform rating and a $2,890 price target.

Table of Contents

Bitcoin's price is predicted to reach $1 million by 2033 and hit a cycle-high of $200,000 by 2025, according to Bernstein. The firm has initiated coverage of MicroStrategy, a software developer and the largest corporate owner of Bitcoin, with an outperform rating. MicroStrategy currently holds 1.1% of the global supply of Bitcoin, worth about $14.5 billion. The company's founder and chairman, Michael Saylor, has positioned MicroStrategy as a leading Bitcoin company, attracting significant capital for an active Bitcoin acquisition strategy. Bernstein estimates that Bitcoin could reach $500,000 by 2029, and MicroStrategy's long-term convertible debt strategy means it has limited liquidation risk to the cryptocurrency on its balance sheet. The company has proposed a $500 million debt sale to boost its Bitcoin stash.

Source

Latest