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As Bitcoin (BTC) 
$103,807 approaches a new peak, the research and brokerage firm Bernstein forecasts that the largest cryptocurrency could hit $200,000 by 2025. The team, led by analyst Gautam Chhugani, has emphasized the catalysts that could facilitate this target. “Bitcoin is on the verge of reaching $100,000. Our goal of $200,000 by the end of 2025 is no longer a fantasy,” Chhugani noted, recalling that this target was set when Bitcoin was valued at $66,000. Political developments in the United States are believed to be pivotal in paving the way for Bitcoin.
The Growing Importance of Political and Regulatory Support for Bitcoin
With Donald Trump’s potential return to the presidency, Bitcoin-friendly policies are gaining traction in the U.S. It is anticipated that the next appointee for SEC Chairman Gary Gensler will be supportive of cryptocurrencies. Additionally, there is competition for the Treasury Secretary position between Scott Bessent and Bitcoin supporter Howard Lutnick, with Lutnick receiving backing from figures like Elon Musk and Robert F. Kennedy Jr., enhancing his chances.
Another significant development is the BITCOIN Bill introduced by Senator Cynthia Lummis, which proposes the U.S. to establish a national Bitcoin reserve, aiming to acquire 5% of the total supply. These initiatives indicate that demand for Bitcoin could rise to a government level. According to Bernstein analysts, the next cycle will be shaped by leading sovereign states.
Rapid Increase in Demand for Bitcoin ETFs
Demand for spot Bitcoin ETFs in the U.S. has reached $92 billion in assets under management. Weekly net inflows of $1.7 billion have been observed. Meanwhile, MicroStrategy plans to purchase $42 billion worth of Bitcoin over the next three years, with founder Michael Saylor indicating that this process might accelerate. Miners’ accumulation of Bitcoin is also reducing selling pressure.
Bernstein stated that Bitcoin does not reflect a new regulatory era. “Bitcoin is writing a history that will favor long-term investors. We recommend holding the largest cryptocurrency for another 12-18 months,” Chhugani said, emphasizing that institutional investors are reevaluating their stance on cryptocurrencies.
