Wednesday, May 29, 2024 ▪
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Investment fund Alliance Berstein sees bitcoin reaching $90,000 by the end of the year and much higher in 2025.
$90,000 for 2024?
Bitcoin and Ethereum ETFs are expected to reach a market cap of $450 billion, Bernstein says.
“That would mean flows in excess of $100 billion over the next 18 to 24 months”analysts Gautam Chhugani and Mahika Sapra said in a paper published this Tuesday.
This influx is attributed to increased interest from both institutions and individuals. It is about clarity of regulation and wider acceptance of Bitcoin by traditional finance. Indeed, ETFs have already absorbed more than a million bitcoins. Morgan Stanley bought it for $250 million in the first quarter.
Berstein sees Bitcoin reaching $90,000 by the end of the year and $150,000 in 2025. That’s a similar prediction to Standard Chartered Bank’s. It projects net flows of between $50 billion and $100 billion in 2024. That’s enough to reach $100,000 this year and $200,000 in 2025.
The giant fund did not reveal what Ethereum’s share of this 450 billion will be. However, note that ETH has appreciated by more than 20% since we learned that eight ETH ETFs will actually see the light of day. when? We don’t know yet.
Bernstein notes that Ethereum is the first proof-of-stake token to be approved as an ETF. “This has positive implications for other tokens such as solana (SOL)”we can read in the report.
It remains to be seen whether Wall Street really has an appetite for the amount of altcoins in circulation. Meanwhile, Bitcoin continues to appeal to multinationals as a treasury.
BlackRock has just revealed that it has bought shares of its own ETF. Plus, Vanguard – the second largest fund in the world – just hired a professional Bitcoin CEO…
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Report on Bitcoin, “Goddess of wisdom, feeding on the fire of truth, exponentially smarter, faster and stronger behind a wall of encrypted energy”.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.