A new report published by Bernstein, a company with approximately $650 billion in assets under management, says that the fundamental dynamics of Bitcoin are better than ever.
While making this claim, the company highlighted that 70 percent of the leading cryptocurrency’s existing supply has not been traded in the last year. The report also drew attention to the block reward halving, which is expected to take place in April. Furthermore, according to the report, a significant reporting change recently implemented by the US Financial Accounting Standards Board (FASB) will also increase the demand for Bitcoin. With this change, it became possible to report cryptocurrencies based on market value in a company’s financial statements. “FASB’s new practice will have a positive impact on corporate preference for holding Bitcoin as a treasury asset, creating new sources of demand from companies,” Bernstein said. He comments.
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On the other hand, Bernstein, who made a separate note on the Bitcoin ETF issue, said that ETFs are on track for approval as early as 2024. The company wrote that the spot ETF will make it easier for companies and individual investors to access Bitcoin.
Bernstein estimates that Bitcoin will emerge as a widespread political asset with a market cap of more than $3 trillion by mid-2025.
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