$BTC

Bernstein named the factors for Bitcoin's rise to $1 million

Possible short-term correlations of Bitcoin with gold and Nasdaq indices are only misleading. This is reported by The Block, citing a report from Bernstein.

Analysts from the investment company led by Gautam Chhugani consider the following indicators to be more accurate:

declining retail sales;

increasing corporate accumulation races;

recovery of fund inflows into exchange-traded funds.

All these factors lead to a "reduction in the supply" of digital gold, which is expected to reach new highs, experts believe.

Last week, Cantor Fitzgerald, together with SoftBank, Tether, and Bitfinex, launched a Bitcoin accumulation-focused investment firm, Twenty One Capital. The initial volume of its reserves is expected to be 42,000 BTC. In addition to investments from project participants, the structure plans to raise $385 million through convertible bonds and $200 million by selling shares ahead of going public.

Bitcoin balances on exchanges have decreased to 13% of total issuance from 16% at the end of 2023. However, considering the price increase during this period in dollar terms, the stocks of digital gold on trading platforms have even increased, Bernstein acknowledged.