Analysts at research and brokerage firm Bernstein claimed their current $200,000 bitcoin price prediction for the end of 2025 is “conservative,” urging skeptics to reconsider the limited supply of cryptocurrency in an era of record U.S. debt levels.
“Bitcoin is going to $200,000 this cycle (2025 end),” Bernstein digital assets lead Gautam Chhugani wrote in a message to clients on Wednesday. “We are being conservative.”
This follows the release of Bernstein’s “Bitcoin Blackbook,” designed to make the cryptocurrency accessible and investible to institutional investors. “If you are a Bitcoin skeptic … maybe, a limited supply, 'store of value' digital asset is not such a bad thing in a world where U.S debt hits new records ($35 trillion now) and threats of inflation still loom. If you like gold here, you should love bitcoin even more,” Chhugani said.
For investors not interested in taking a bitcoin position directly, the analyst suggested shares in MicroStrategy, the world’s largest bitcoin corporate treasury holder, and Robinhood, which is continuing to expand its crypto services, as alternatives for indirect exposure.
Chhugani also highlighted the potential of U.S.-listed companies like Riot Platforms and CleanSpark, which are consolidating gigawatts of power for bitcoin mining, and AI diversifiers like Core Scientific, which are taking advantage of the demand for AI hosting services given their valuable power pipelines while still managing bitcoin mining operations.
On Wednesday, the Bernstein analysts argued that Core Scientific remained undervalued after the announcement of another $2 billion extension to its hosting deal with AI Hyperscaler CoreWeave on Tuesday.
CoreWeave exercised its option to add approximately 120MW to its AI data center hosting agreement with the bitcoin miner, bringing the total capacity to around 500MW — 100% of Core Scientific’s total capacity for high-performance computing — and the contract value to $8.7 billion over 12 years.
“It is now time for the market to give CORZ the right valuation for its AI business,” the analysts said, rating the company as “outperform,” with a price target of $17. Core Scientific closed up 6.9% on Tuesday at $13.72, according to TradingView, and has gained 147% year-to-date.
CORZ/USD price chart. Image: TradingView.
Gautam Chhugani maintains long positions in various cryptocurrencies. Bernstein and its affiliates may receive compensation for investment banking services from MicroStrategy. Certain Bernstein affiliates act as market makers or liquidity providers in Riot Platforms' debt securities.
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