Today the rate is $34,400
Bitcoin rose in price by 27% in October. According to Bloomberg, the main cryptocurrency showed its best performance since January.
Bernstein analyst Gautam Chugani said the price of Bitcoin could rise to $150,000 by 2025. The market-famous company expects the US Securities and Exchange Commission to approve a Bitcoin ETF by the first quarter of 2024.
Bitcoin soared 27%, showing its best return in 2023. Bernstein has set a target of $150,000 by 2025
That valuation is about five times the current price of about $34,400 and roughly double Bitcoin’s all-time high of $69,000 set in November 2021.
Bernstein also expects the ETF’s approval to shift up to 10% of Bitcoin’s circulating supply into new instruments. This approval will allow ordinary investors to access Bitcoin directly from their investment portfolios.
“You may not like Bitcoin as much as we do, but taking a dispassionate view of BTC as a commodity suggests a turn in the cycle,” Chugani said. “A good idea is only as good as its timing – SEC approval of ETFs from the world’s leading asset managers (BlackRock, Fidelity, etc.) seems imminent.”
