Bernstein Predicts Bitcoin Heading Towards $150,000 as Institutional Interest Grows:
In a recent note to its clients, Bernstein, a global asset management firm, suggested that the price of Bitcoin is poised to reach the $150,000 mark and urged investors to consider purchasing Bitcoin mining stocks, citing the current bullish trend in the Bitcoin market. According to the firm, the current dip in Bitcoin mining stock prices presents a significant investment opportunity ahead of the impending halving event, which is expected to greatly increase the value of the leading cryptocurrency.
Bernstein’s analysis points to Bitcoin miners as the most practical stock options for participating in the ongoing surge. Gautam Chhugani, a company analyst, holds a strong belief that the price of Bitcoin will reach $150,000. The substantial inflows into Bitcoin support this optimism; $9.5 billion flowed into tradable Bitcoin funds in the first 40 days post-launch in January. According to Chhugani, this is just the beginning of Bitcoin’s integration into mainstream investment portfolios, with more institutional investment expected post-halving.
Meanwhile, Samson Mow, a “million-dollar Bitcoin” lawyer, commented on the recent transfer of 332 billion SHIB tokens to a Robinhood wallet, sparking speculation. According to Whale Alert, on March 11th, 332,427,690,902 SHIB tokens worth $10,858,584 were transferred from Cumberland to an unknown wallet, labeled “Robinhood 2.” The massive volume of the transfer, coupled with potential identities of the sender and receiver addresses, has led to speculation about the motive behind this move.
Given that Cumberland primarily serves institutional investors in the financial industry through over-the-counter institutional liquidity in various cryptocurrencies, there are various possibilities. The transfer could be part of a larger trend of institutional interest in SHIB, with the potential for Robinhood to expand its portfolio as it offers SHIB trading to millions of users. Alternatively, this could be a move by a whale preparing for a major market play. However, the exact reason behind the transfer remains unknown.
Read more Bitcoin Market Analysis Points to Impending Surge as Experts Highlight Positive Indicators
In a recent development, Coinbase has filed a brief in response to the Securities and Exchange Commission (SEC), challenging criticisms regarding the regulatory agency’s rejection of its request regarding rulemaking and challenging the SEC’s authority in the digital asset space. Coinbase CEO Paul Grewal expressed the company’s frustration with the SEC’s “routine denial” and unclear reasoning regarding a recent X issue. He highlighted the SEC’s inconsistency in its regulatory authority over digital assets, emphasizing the lack of a clear regulatory framework, which makes it difficult to enforce existing laws and prevents the industry from receiving necessary guidance, undermining the legal and operational foundations of the digital asset market.
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