Bitcoin to Reach $1 Million by 2033, MicroStrategy Stock Rated Outperform: Bernstein

Bernstein predicts Bitcoin will reach $1 million by 2033 and hit a cycle-high of $200,000 by 2025. This optimistic forecast is driven by increasing demand from spot ETFs and the limited supply of the cryptocurrency. The firm also initiated coverage of MicroStrategy, the largest corporate holder of Bitcoin, giving the company an outperform rating. MicroStrategy, with its significant Bitcoin holdings, has transformed into a major player in the cryptocurrency market. Bernstein highlights the company's active leveraged Bitcoin strategy, which has yielded substantial returns and sets it apart from other Bitcoin investment vehicles. MicroStrategy's long-term convertible debt strategy allows the company to capitalize on potential Bitcoin price increases with minimal risk of having to liquidate its holdings. The company recently proposed a $500 million debt sale of convertible notes, aiming to further expand its Bitcoin holdings.