Fresh off a new all-time high price, Bitcoin is on its way to $150,000 per coin, according to global investment firm AllianceBernstein.
In a Monday note, the firm said that the sheer volume of cash flooding into newly approved exchange-traded funds will ensure the value of Bitcoin will continue to rise.
The firm predicted last year that Bitcoin would hit $150,000 by 2025. Now, it believes hitting the milestone is even more likely.
The price of Bitcoin set a new all-time high this morning, crossing the $72,000 per coin mark. The price of BTC is now at $72,133, according to data from CoinGecko
“These are still early days of Bitcoin’s integration into traditional asset portfolios,” the note by Gautam Chhugani and Mahika Sapra read. “We are now more convinced about our $150K price for Bitcoin.”
“We estimated $10 billion inflows for 2024 and another $60 billion for 2025,” they continued. “In the last 40 trading days since ETF launch on Jan 10, Bitcoin ETF inflows have crossed $9.5 billion already.”
The U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs in January following a decade of attempts by high profile firms. They have been massively successful—with hundreds of millions of dollars hitting the funds every day.
The Bitcoin ETFs now trading on stock exchanges allow investors to buy the digital asset through their brokerage accounts and without having to worry about storage of the asset.
Bernstein went on to argue that IRAs, private banks, and traditional pools of capital such as sovereigns don’t yet have exposure via ETFs. When they do, the value of the asset can only continue to go up.
Another good way for investors to see good returns is by buying Bitcoin mining stocks, the firm added.
Edited by Ryan Ozawa.