Bernstein, an asset management firm with over 0 billion in assets, is doubling down on its Bitcoin price prediction, raising their target for 2025 from 0,000 to 0,000. The prediction for 2033 is an astounding million.

Analysts at the firm shared their price projection for the flagship cryptocurrency on Friday. In a note to clients, the research firm said expectations for a surge in spot Bitcoin ETFs represents a bullish catalyst.

“We believe that the U.S regulated ETFs were the watershed moment for crypto that brought in structural demand from traditional pools of capital,” Bernstein’s Gautam Chhugani and Mahika Sapra, noted.

Since their trading debut in early January, spot Bitcoin ETFs have registered net inflows of more than billion. According to the analysts, the global spot Bitcoin ETF market could grow to account for approximately 7% of BTC’s circulating supply by 2025.

BTC price to hit million by 2033

As well as the spot ETF market, Bernstein analysts have asserted that Bitcoin is in a new bull cycle.

The recent block reward halving that cut daily emission from around 900 bitcoins to 450 bitcoins is another factor, they noted, writing that an explosion in demand amid ongoing supply shock could propel BTC price to over 0k by mid-to-end of next year.

The analysts also expect spot Bitcoin ETFs to account for roughly 15% of the “digital gold’s” circulating supply by 2033. In this case, a rally in price in relation to marginal cost of production could mean a surge to over million in the next eight years.

Gautam Chhugani and Mahika Sapra see Bitcoin at 0,000 by end of 2029 and over million by 2033.

Bernstein also initiated coverage on the MicroStrategy stock, assigning an outperform rating with a price target of ,890 by end of 2025.

MicroStrategy (MSTR) is an AI-powered cloud analytics firm that currently holds 214,400 bitcoins. The company has announced a 0 million convertible notes sale with proceeds set to buy more BTC.