Bitcoin Could Hit $1M Within 10 Years, Bernstein Says as It Initiates Coverage of MicroStrategy

• The bitcoin price could hit $1 million by 2033 and is likely to reach a $200,000 cycle-high by 2025.
• MicroStrategy initiated as outperform with a $2,890 price target at Bernstein.
• The software company's long-term convertible debt strategy means it has time to benefit from bitcoin upside with limited liquidation risk to the crypto on its balance sheet, the report said.

The price of bitcoin (BTC) is likely to hit $1 million by 2033 and reach a cycle-high of $200,000 by 2025, Bernstein said as it initiated coverage of software developer MicroStrategy, the biggest corporate owner of the largest cryptocurrency, with an outperform rating.

MicroStrategy now owns 1.1% of the global supply of the world’s largest cryptocurrency, worth about $14.5 billion, having transformed itself from a small software company in the space of four years, the broker said in a research report on Thursday.

Bernstein initiated coverage of the Tysons Corner, Virginia-based company with a $2,890 price target. The shares closed at around $1,484 on Thursday. The Nasdaq-listed firm currently holds 214,400 bitcoin. It began buying the cryptocurrency in 2020, adopting it as a reserve asset.

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