2025-1-29 06:00 |
Following a series of discussions with a diverse group of US investors, analysts at Bernstein have noted a notable observation: various market participants are increasingly convinced that “crypto is back.”
This renewed enthusiasm comes on the heels of a political shift under the Trump administration, which has sparked growing curiosity about the potential implications for digital assets.
According to Bernstein’s team, led by Gautam Chhugani, this optimism is not yet accompanied by a detailed understanding of the emerging regulatory space, but it’s clear that investors are preparing for increased involvement.
Regulatory Developments And Institutional InterestBernstein highlighted a broad spectrum of investor interest spanning traditional finance, payments, technology, and crypto-focused sectors.
While there’s an eagerness to explore crypto-related equities—ranging from exchanges to AI-integrated miners—the analysts also identified a keen focus on Bitcoin price dynamics and stablecoins, especially as the US legislative environment evolves.
Notably, new players in fixed income and convertible markets have shown heightened interest, with MicroStrategy’s strategic moves continuing to attract attention.
Bernstein pointed to several key regulatory factors that could shape the future of the crypto market. Among them are President Trump’s executive orders to explore strategic digital asset reserves and the Securities and Exchange Commission (SEC)’s potential repeal of regulations hindering US banks from holding digital assets.
These measures, if implemented, may promote broader institutional participation and enhance liquidity. The analysts forecast a surge in corporate Bitcoin purchases, with annual volumes potentially doubling by 2025.
Despite the broad interest, institutional investors remain neutral on Bitcoin’s current price trajectory, according to Bernstein. Rather than aggressive bullish or bearish stances, the prevailing sentiment suggests a wait-and-see approach. Equity investors, in particular, are concentrating on crypto-related stocks as direct spot Bitcoin investments remain out of reach for many.
Corporate and Stablecoin GrowthInvestor discussions also touched on the evolving role of stablecoins and their potential to reinforce the US dollar’s dominance in digital finance.
Bernstein predicts that stablecoin legislation will drive adoption in areas like cross-border payments and remittances, with banks and fintech firms exploring the revenue and integration possibilities these digital assets offer.
On the corporate side, Bernstein’s analysts identified MicroStrategy as a key player in Bitcoin-linked capital markets. Although some view the company’s heavy Bitcoin exposure as risky, Bernstein argues that MicroStrategy’s approach—issuing convertible debt and preference shares—has been instrumental in advancing institutional Bitcoin adoption.
With other corporations likely to follow suit, the firm anticipates overall corporate Bitcoin purchases to reach $50 billion annually by 2025. Bernstein maintains a positive outlook on several companies tied to crypto’s resurgence, including Robinhood, Riot Platforms, and Core Scientific.
They see these firms as well-positioned to benefit from the growing momentum in the digital asset space, driven by regulatory clarity, institutional participation, and stablecoin innovation.
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