‘The best days of crypto are ahead’: Bernstein sees asymmetric upside and structurally longer bull cycle
Bernstein analysts predict a structurally longer crypto bull cycle driven by institutional inflows and real-world asset integration.Summary
Analysts at Bernstein, led by Gautam Chhugani, suggest that the cryptocurrency market is fundamentally stronger as Bitcoin approaches $80,000. They anticipate a "structurally longer crypto bull cycle" fueled by steady institutional inflows from asset managers and the expansion of new distribution channels via platforms like Morgan Stanley and Charles Schwab.
Key drivers for this asymmetric upside include the growing integration of blockchain into real-world finance, such as the $345 billion tokenized real-world asset space, and the decoupling of stablecoin adoption from market price cycles. Stablecoin supply has reached all-time highs exceeding $300 billion, reflecting persistent demand for dollar-backed settlement rails.
While acknowledging long-term risks like quantum computing, the firm believes the ecosystem has sufficient time to transition to post-quantum security. Additionally, the scaling of MicroStrategy's STRC product is noted as a factor attracting income-focused investors and funding further Bitcoin accumulation.
(Source：The Block)