Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

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<p>A recent <a href="https://twitter.com/carlquintanilla/status/1719360783178485882" rel="noopener noreferrer nofollow">projection</a> by Bernstein suggests that Bitcoin, the flagship cryptocurrency, could soar to the $150,000 mark by mid-2025.&nbsp;</p>
<p>It is currently <a href="https://www.coingecko.com/" rel="noopener noreferrer nofollow">trading</a> at $34,400, meaning that it would need to surge roughly 336% from where it is right now.&nbsp;</p>
<h2 id="bitcoin-s-price-to-margin-cost">Bitcoin's price-to-margin cost&nbsp;</h2>
<p>Bernstein's reveals the historical relationship between Bitcoin's price and its price-to-marginal cost. This metric is crucial as it illustrates how much Bitcoin trades above its production costs, providing insights into potential profitability for miners and the broader market sentiment.</p><a href="https://twitter.com/carlquintanilla/status/1719360783178485882/photo/1" rel="noopener noreferrer nofollow"><img src="https://u.today/sites/default/files/inline-images/F9xlhGUWIAAL0dl.jpeg" data-entity-uuid="17b0ac99-8cef-4922-a2bd-6bddcb643855" data-entity-type="file" alt="https://twitter.com/carlquintanilla/status/1719360783178485882/photo/1"></a>
<p>In 2017, Bitcoin reached a 5.0 multiplier of its marginal cost, driving the price to an all-time high of approximately $20,000. A subsequent peak in 2019, albeit lower than the 2017 spike, saw the multiplier reach 2.1, correlating to a $70,000 price tag. The projection for the 2024-27 cycle indicates an anticipated price multiplier of 1.5, correlating with the aforementioned potential price of $150,000 by mid-2025.</p>
<p>The valleys in the chart further indicate that Bitcoin's price rarely drops below its marginal cost. This reinforces the notion of marginal cost acting as a support level or "floor."&nbsp;</p>
<p>For instance, in 2020 and 2021, the price hovered just above the marginal cost line, indicating periods of relative stability.</p>
<h2 id="the-etf-hype">The ETF hype&nbsp;</h2>
<p>As <a href="https://u.today/bernstein-bitcoin-etf-odds-rise?amp" rel="noopener noreferrer nofollow">reported by U.Today</a>, the research firm recently delved into the implications of a spot Bitcoin ETF approval in the U.S.&nbsp;</p>
<p>If given the nod, <a href="https://u.today/bernstein-says-bitcoin-and-crypto-poised-for-epic-rally" rel="noopener noreferrer nofollow">Bernstein</a> anticipates that exchange-traded funds could account for up to 10% of Bitcoin's market value within three years. This is a significant factor, especially considering the Grayscale Bitcoin Trust already makes up approximately 4% of all Bitcoin holdings.</p>
<p>The firm has also recently positioned <a href="https://u.today/bernstein-calls-bitcoin-btc-faster-horse-compared-to-gold" rel="noopener noreferrer nofollow">Bitcoin</a> as a superior asset compared to gold, dubbing it a "faster horse."</p>

Bitcoin to $150,000? Bernstein Says Yes

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