Bernstein analysts have projected a sustained and robust crypto bull market, forecasting Bitcoin to reach $200,000 by late 2025 or early 2026. The report, led by Gautam Chhugani, emphasizes a paradigm shift where institutional investment now complements retail participation, marking a departure from previous market cycles dominated by speculative retail activity. This evolution is underpinned by enhanced regulatory clarity and growing government endorsement, fostering a more stable environment for digital assets.
The analysts highlight the emergence of blockchain as a foundational technology for a new internet-based financial system. The stablecoin market has expanded to nearly $250 billion, primarily facilitating cross-border transactions. With approximately 50 million crypto wallet users today, the sector anticipates exponential growth as financial institutions and corporations deepen their blockchain integration. Additionally, the rise of Real World Assets (RWA) tokenization is identified as a significant upcoming trend in the crypto ecosystem.
Regarding Bitcoin’s trajectory, Bernstein underscores its increasing role as a global reserve currency. Bitcoin ETFs currently oversee assets exceeding $150 billion, with BlackRock’s IBIT fund alone managing $84 billion. Coupled with strategic accumulations by firms like MicroStrategy, this institutional adoption is expected to sustain upward price momentum, reinforcing Bitcoin’s path toward the $200,000 valuation milestone.