Bernstein announces major financial institutions will start accepting Bitcoin

Byadmin

Jun 19, 2024
Bernstein announces major financial institutions will start accepting BitcoinBernstein announces major financial institutions will start accepting Bitcoin

Global asset management company Bernstein believes that the value of Bitcoin (BTC) and related companies is underestimated and ready to be adopted by institutions.

Bernstein claims that according to cryptocurrency bears, trading of the Bitcoin exchange-traded funds (ETF) is decreasing as most early allocations come from retail investors, while institutional demand is mostly for “basic spot purchases for proprietary trading” rather than new net long positions.

The bank’s analysts state: “Despite this fact, we believe that Bitcoin ETFs are about to be embraced by major banking institutions and major private banking platforms in the third/fourth quarter.”

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“Institutional foundational trading seems to be the ‘Trojan horse of adoption,’ with investors now assessing net long positions as they become more confident in improving ETF liquidity,” the author also claims.

The report indicates that a significant influx into Bitcoin ETFs will accelerate in the third and fourth quarters, with the next stage of adoption being driven by large advisors who recognize ETFs and allocate reserves from existing portfolios.

Brokers expect the flagship cryptocurrency to rise to around $200,000 by 2025, $2 million by 2029, and $3 million by 2033.

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