Expectations that the price of Bitcoin will reach $150,000 by 2025
Bernstein Wealth Management, which manages financial assets worth about $670 billion, expects that the price of Bitcoin - the most famous cryptocurrency in the world - will rise to $150,000 by mid-2025.
This estimate represents an optimistic view from the company for the future of the cryptocurrency, as it is nearly five times the current price of Bitcoin of $35,000.
“You may not like Bitcoin as much as we do, but a fair view of Bitcoin as a commodity indicates a major shift in the market,” said Bernstein economic analyst Gautam Chugani.
Chogani added, “The quality of the idea depends on the timing of its presentation, and it seems that the ETFs presented by the world’s major asset managers - such as BlackRock, Gray Scale and others - to the US Securities and Exchange Commission have become imminent.”
Chogani explained that his company expects the US Securities and Exchange Commission to approve a Bitcoin trading fund by the first quarter of 2024.
Bitcoin in the courtrooms
Last week, the price of Bitcoin reached $35,000, its highest level since May 2022, and investors said they hoped to get the green light for ETFs by the end of this year after the US Securities and Exchange Commission refused to appeal a court ruling. My boss in the Gray Skull case.
In late August, the US Federal Court issued a ruling requiring the US Securities Commission to reconsider its objection to Grayscale’s request to establish a cryptocurrency index trading fund.
However, the court's ruling does not guarantee the SEC's approval of a Bitcoin ETF, and SEC Chairman Gary Gensler has long criticized the cryptocurrency sector as being riddled with "scammers," so whether or not the regulator will stop opposing ETFs remains a question. It is still an unresolved matter.
Previous predictions about the price of Bitcoin
Last July, Standard Chartered Bank expected that the value of Bitcoin - the most famous cryptocurrency in the world - would reach $50,000 this year and $120,000 by the end of 2024.
The bank said that the jump in the price of the cryptocurrency since the beginning of this year may encourage Bitcoin miners to hoard more supply.
The bank's expectations last April indicated that Bitcoin would reach $100,000 by the end of 2024, but one of Standard Chartered's senior foreign exchange analysts, Jeff Kendrick, expected this value to increase by 20 percent.
Steve Hankey and Bitcoin
However, many economists have huge doubts about Bitcoin and the extent to which it can be considered a reliable financial asset. Global economist Steve Hanke said, “Bitcoin is just a bubble without any inherent value, and its price is extremely exaggerated.”
The prominent professor at Johns Hopkins University added, “Bitcoin is not a currency. It is a high-risk asset with a key value equal to zero.”
The cryptocurrency sector lost trillions of dollars in 2022, as central banks raised prices and a series of crypto companies collapsed, such as the FTX exchange, but the collapse of a number of traditional banks this year revived them again.
