Bernstein 预测比特币 (BTC) 将达到 20 万美元，然后达到 100 万美元

Bernstein 分析师 Gautam Chhugani 和 Mahika Sapra 最近在最新的市场报告中修改了比特币的价格目标

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 分析师 Gautam Chhugani 和 Mahika Sapra 最近在最新的市场报告中修改了比特币的价格目标，该报告也引发了 MicroStrategy 的报道。

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.

报告称，分析师将 BTC 的价格目标上调至 2025 年至 20 万美元，他们认为旗舰加密货币到 2033 年可能达到 100 万美元。伯恩斯坦此前预测，到 2025 年，比特币将达到 15 万美元。

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

分析师列举了他们认为可能导致比特币价格指数级飙升的几个因素，包括机构对加密资产的需求。

"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.

报告称：“我们预计机构对 BTC 的强劲需求将持续下去，并预测到 2025 年管理的比特币规模可能达到 1900 亿美元，而目前基金管理的 BTC 规模为 600 亿美元。”

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.

在他们看来，考虑到随着这些现货比特币 ETF 继续为各自的 ETF 积累大量加密代币，流通中的比特币必然会大幅减少，供需动态将会发挥作用。

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，比特币两次减半预计将在 2033 年之前发生，这将进一步减少矿商的供应，并支持他们的 BTC 触及 100 万美元的基本假设。

"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.

分析师写道：“我们认为，未来 13 年比特币供应量将大幅减少，考虑到减半和机构需求，到 2033 年，我们的牛市价格目标将达到 100 万美元。”

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."

在他们的分析中，伯恩斯坦分析师还强调了 MicroStrategy 在加密货币领域的作用及其成为“全球最大的比特币公司”的战略。

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

报告指出：“我们开始对 MicroStrategy (NASDAQ:MSTR) 给予跑赢大盘评级，目标价为 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.

分析师将 MicroStrategy 的 BTC 持有量分配为 2.5 倍，目标价为 2,890 美元。截至撰写本文时，MicroStrategy 的股票估值约为 1,500 美元。

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

报告补充说：“我们相信，在 BTC 敞口的推动下，MSTR 的股价可能会上涨至 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.

该研究公司指出，MicroStrategy 已经将其重点从软件转向比特币，其股票表现反映了这一重点。

"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.

报告称：“自 2020 年 8 月 MicroStrategy 开始积累 BTC 以来，该公司已从一家小型软件公司转变为最大的 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.

分析师表示，考虑到 MicroStrategy 目前拥有比特币总供应量的 1.1%，持有价值约为 145 亿美元，该公司的战略迄今为止已获得回报。

"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.

报告指出：“我们预计 MicroStrategy 将增加其 BTC 持有量，因为该公司最近宣布计划发行 5 亿美元的可转换优先票据。”

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.

拟议出售的部分收益将用于购买额外的比特币，进一步使公司的战略与旗舰加密货币的增长保持一致。

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

报告指出：“我们强调 MicroStrategy 联合创始人 Michael Saylor 如何成为比特币品牌的代名词。”

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."

分析师还指出，MicroStrategy 作为领先的比特币公司的地位有助于吸引“大规模资本（债务和股权）以实施积极的比特币收购策略。”

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."

以美元计算，该报告强调，MicroStrategy 的每股比特币净资产值 (NAV)“增长了近四倍，超过了比特币现货价格 2.4 倍的增长”。

"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.

分析师总结道：“我们认为，MSTR 的长期可转换债务策略使其有足够的时间从比特币上涨中获利，资产负债表上的比特币清算风险有限。”