Bitcoin has been making headlines recently, with a new prediction from investment research firm Bernstein that its price could surge to $150,000 by 2025. This prediction is based on the potential approval of a Bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC) in the next two years, according to CNBC. Currently, the only similar product is the Grayscale Bitcoin Trust (GBTC), which holds around 3% of outstanding BTC supply. If the prediction is accurate, it would signify a massive turnaround for the cryptocurrency from its steep sell-off last year. Bitcoin has been rallying recently, reaching $35,000 last week for the first time since May 2022. Investors remain hopeful that the SEC will approve a Bitcoin ETF, however, SEC Chair Gary Gensler has been highly critical of the crypto industry. Bernstein also noted the upcoming “halving” event in 2024 will help boost BTC’s price by forcing out inefficient miners. The firm initiated coverage on several BTC mining stocks, expecting the survivors to see significant gains.
This news provides hope that the Bitcoin price could surge significantly in the next few years, potentially providing a great investment opportunity for mainstream investors. However, the success of this prediction is largely dependent on the SEC’s decision to approve a Bitcoin ETF, which is still uncertain. Despite this, investors remain optimistic about Bitcoin’s future.
You can read more about this topic here: Decrypt: Bitcoin Could Hit $150,000 by 2025, Says Formerly Bearish Wall Street Firm