Bitcoin Could Hit $1 Million in 10 Years, Says Bernstein as It Backs MicroStrategy

Bernstein, a brokerage firm, has initiated coverage of MicroStrategy, a software company known for its massive bitcoin holdings, with an outperform rating and a $2,890 price target. The firm believes bitcoin could reach $1 million by 2033 and a cycle-high of $200,000 by 2025, driven by unprecedented demand from spot ETFs and constrained supply. MicroStrategy currently owns 1.1% of the global bitcoin supply, worth approximately $14.5 billion, after transforming itself into a bitcoin-focused company over the past four years. The brokerage highlights MicroStrategy's long-term convertible debt strategy as a key factor, enabling the company to capitalize on potential bitcoin upside with limited liquidation risk. Bernstein also forecasts bitcoin to hit $500,000 by 2029, revising its previous 2025 estimate upward from $150,000 to $200,000. This bullish outlook is further fueled by MicroStrategy's active bitcoin acquisition strategy and its superior performance compared to passive spot ETFs in terms of bitcoin per equity share.