Bernstein predicts Bitcoin could reach $300,000 by 2029

US financial firm Bernstein has issued a bullish forecast for Bitcoin, projecting the cryptocurrency could reach $150,000 by mid-2027 and surge to $300,000 by 2029. This outlook suggests a significant recovery and new record highs for Bitcoin in the coming years.

Bernstein attributes its optimistic outlook to several macroeconomic factors. The firm noted that increasing global public debt and concerns about currency devaluation may drive demand for assets with a limited supply, such as Bitcoin. Investors might turn to these alternative assets as a hedge against the declining value of traditional currencies.

Furthermore, Bernstein highlights the growing adoption of Bitcoin by institutional investors as a primary driver for the anticipated price increase. The firm also points to the continued strong positioning of long-term investors as a supportive element for Bitcoin's price trajectory. The combination of rising institutional demand and the inherent scarcity of Bitcoin supply is expected to propel its value to higher levels in the foreseeable future.