Bernstein: Bitcoin Could Hit $1 Million by 2033

Major Wall Street firm Bernstein has made a bullish long-term prediction for Bitcoin’s price, saying it could reach $1 million by 2033.

In a new report initiating coverage of Michael Saylor‘s MicroStrategy, Bernstein analysts have raised their price target for Bitcoin to $200,000 from $150,000 by the end of 2025.

Bernstein has long been positive on Bitcoin’s prospects, but this $1 million forecast by 2033 represents one of the highest institutional projections yet. The analysts’ thesis is based on unprecedented demand from spot Bitcoin ETFs and constrained future supply.

Bernstein’s report also highlighted how Michael Saylor “has become synonymous with brand Bitcoin and has positioned MSTR as a leading Bitcoin company, attracting at-scale capital (both debt and equity) for an active Bitcoin acquisition strategy.”

“MicroStrategy positions itself as an ‘active leveraged bitcoin strategy versus passive spot exchange-traded funds (ETFs),’ the report said, noting that over the last four years, the company’s active strategy has produced a higher Bitcoin per equity share,” Bernstein wrote.

Bernstein also set a $2,890 price target on MicroStrategy shares, representing nearly double the current price.

The bold long-term Bitcoin outlook comes as institutions warm up to Bitcoin, with major asset managers like BlackRock and Fidelity offering BTC investment products. Bernstein cited inflows into these regulated vehicles as fueling this cycle’s exponential Bitcoin price gains.

The analysts see MicroStrategy maintaining its first-mover advantage as the world’s leading listed Bitcoin player. With BTC adoption still in its infancy, firms like MicroStrategy have room to grow their Bitcoin holdings for years to come.