Bitcoin and Crypto Stocks Poised for Institutional Boom: Bernstein

Bernstein, a leading broker, predicts a surge in institutional adoption of Bitcoin and crypto-related stocks, fueled by the anticipated approval of spot Bitcoin ETFs. They expect major wirehouses and private banks to approve these ETFs in the third and fourth quarters, significantly increasing accessibility to Bitcoin for institutional investors. Bernstein highlights that the basis trade, involving buying Bitcoin ETFs and selling futures contracts, has paved the way for broader adoption, as institutions gain confidence in the ETF's liquidity. They foresee a significant acceleration of Bitcoin ETF inflows in the coming quarters, driven by large advisors' approval and increased allocation headroom. Bernstein forecasts ambitious price targets for Bitcoin, projecting a cycle high of $200,000 by 2025, $500,000 by 2029, and $1 million by 2033. They also maintain an outperform rating on Riot Platforms (RIOT), CleanSpark (CLSK), MicroStrategy (MSTR), and Robinhood (HOOD), indicating their bullish stance on these companies.