Bernstein 預測比特幣 (BTC) 將達到 20 萬美元，然後達到 100 萬美元

Bernstein 分析師 Gautam Chhugani 和 Mahika Sapra 最近在最新的市場報告中修改了比特幣的價格目標

Bernstein analysts Gautam Chhugani and Mahika Sapra recently revised their price targets for Bitcoin in their latest market report, which also initiated coverage on MicroStrategy.

Bernstein 分析師 Gautam Chhugani 和 Mahika Sapra 最近在最新的市場報告中修改了比特幣的價格目標，該報告也引發了 MicroStrategy 的報告。

According to the report, the analysts raised their price target for BTC to $200,000 by 2025, and they believe the flagship crypto could reach $1 million by 2033. Bernstein had previously predicted that Bitcoin would reach $150,000 by 2025.

報告稱，分析師將BTC 的目標價上調至2025 年至20 萬美元，他們認為旗艦加密貨幣到2033 年可能達到100 萬美元。 。

The analysts cited several factors that they believe could contribute to BTC’s exponential price surge, including the institutional demand for the crypto asset.

分析師列舉了他們認為可能導致比特幣價格指數級飆升的幾個因素，包括機構對加密資產的需求。

"We expect strong institutional demand for BTC to continue and predict that Bitcoin under management could reach $190 billion by 2025, up from the $60 billion in BTC that funds have under management today," the report stated.

報告指出：“我們預計機構對 BTC 的強勁需求將持續下去，並預測到 2025 年管理的比特幣規模可能達到 1900 億美元，而目前基金管理的 BTC 規模為 600 億美元。”

In their view, the supply and demand dynamics will come into play, considering that the Bitcoin in circulation is bound to decrease drastically as these Spot Bitcoin ETFs continue to accumulate a significant amount of the crypto token for their respective ETFs.

在他們看來，考慮到隨著這些現貨比特幣 ETF 繼續為各自的 ETF 累積大量加密代幣，流通中的比特幣必然會大幅減少，供需動態將會發揮作用。

Additionally, two Bitcoin halvings are set to occur before 2033, which will further reduce miners’ supply and support their base case of BTC hitting $1 million.

此外，比特幣兩次減半預計將在 2033 年之前發生，這將進一步減少礦商的供應，並支持他們的 BTC 觸及 100 萬美元的基本假設。

"We believe Bitcoin supply will decrease materially over the next 13 years, and taking into account the halvings and institutional demand, we arrive at our bull case price target of $1 million by 2033," the analysts wrote.

分析師寫道：“我們認為，未來 13 年比特幣供應量將大幅減少，考慮到減半和機構需求，到 2033 年，我們的牛市價格目標將達到 100 萬美元。”

In their analysis, the Bernstein analysts also highlighted MicroStrategy's role in the crypto space and its strategy to become the "world's largest Bitcoin company."

在他們的分析中，伯恩斯坦分析師也強調了 MicroStrategy 在加密貨幣領域的作用及其成為「全球最大的比特幣公司」的策略。

"We are initiating coverage on MicroStrategy (NASDAQ:MSTR) with an Outperform rating, and a price target of $2,890," the report noted.

報告指出：“我們開始對 MicroStrategy (NASDAQ:MSTR) 給予跑贏大盤評級，目標價為 2,890 美元。”

The analysts assigned a multiple of 2.5x to MicroStrategy's BTC holdings, arriving at a price target of $2,890. At the time of writing, MicroStrategy's stock is valued at around $1,500.

分析師將 MicroStrategy 的 BTC 持有量分配為 2.5 倍，目標價為 2,890 美元。截至撰寫本文時，MicroStrategy 的股票估值約為 1,500 美元。

"We believe MSTR's stock can rise to $2,890, driven by its BTC exposure," the report added.

報告補充說：“我們相信，在 BTC 敞口的推動下，MSTR 的股價可能會上漲至 2,890 美元。”

The research firm noted that MicroStrategy has already shifted its focus from software to Bitcoin, and its stock performance reflects this pivot.

該研究公司指出，MicroStrategy 已經將其重點從軟體轉向比特幣，其股票表現反映了這一重點。

"Since August 2020, when MicroStrategy began accumulating BTC, the company has transformed from a small software company to the largest BTC holding company," the report stated.

報告指出：“自 2020 年 8 月 MicroStrategy 開始累積 BTC 以來，該公司已從一家小型軟體公司轉變為最大的 BTC 控股公司。”

According to the analysts, MicroStrategy's strategy has paid off so far, considering that the company now owns 1.1% of Bitcoin's total supply, with holdings worth around $14.5 billion.

分析師表示，考慮到 MicroStrategy 目前擁有比特幣總供應量的 1.1%，持有價值約 145 億美元，該公司的策略迄今已獲得回報。

"We expect MicroStrategy to increase its BTC holdings, as the company recently announced plans to offer $500 million of Convertible Senior Notes," the report noted.

報告指出：“我們預計 MicroStrategy 將增加其 BTC 持有量，因為該公司最近宣布計劃發行 5 億美元的可轉換優先票據。”

Some of the proceeds from the proposed sale will be used to buy additional BTC, further aligning the company's strategy with the flagship crypto's growth.

擬議出售的部分收益將用於購買額外的比特幣，進一步使公司的策略與旗艦加密貨幣的成長保持一致。

"We highlight how MicroStrategy co-founder Michael Saylor has become synonymous with the Bitcoin brand," the report stated.

報告指出：“我們強調 MicroStrategy 聯合創始人 Michael Saylor 如何成為比特幣品牌的代名詞。”

The analysts also noted that MicroStrategy's position as the leading Bitcoin company has helped attract "at scale capital (both debt and equity) for an active Bitcoin acquisition strategy."

分析師還指出，MicroStrategy 作為領先的比特幣公司的地位有助於吸引“大規模資本（債務和股權）以實施積極的比特幣收購策略。”

In dollar terms, the report highlighted that MicroStrategy's Bitcoin net asset value (NAV) per share "has grown nearly fourfold, surpassing the 2.4x growth in Bitcoin’s spot price."

以美元計算，該報告強調，MicroStrategy 的每股比特幣淨資產值 (NAV)「增長了近四倍，超過了比特幣現貨價格 2.4 倍的增長」。

"We believe MSTR’s long term convertible debt strategy allows it enough time to gain from Bitcoin upside, with limited liquidation risk to its Bitcoin on balance sheet," the analysts concluded.

分析師總結道：“我們認為，MSTR 的長期可轉換債務策略使其有足夠的時間從比特幣上漲中獲利，資產負債表上的比特幣清算風險有限。”