ChainCatcher news, Ohio gubernatorial candidate and entrepreneur Vivek Ramaswamy stated at the "Bitcoin For America" summit that the return on holding Bitcoin for over ten years has become the new high-risk benchmark yield. He believes the world is returning to an "era of capital scarcity," which contrasts with the massive money printing by the Federal Reserve over the past 15 years.Ramaswamy explained that institutional investors will once again need to consider the issue of "opportunity cost of capital" and establish benchmark yields for low-risk and high-risk investments. He pointed out that the benchmark for low-risk investments is the 10-year U.S. Treasury bond, while the benchmark for high-risk investments is the return on Bitcoin over a 10 to 15-year period."Bitcoin and what it represents, not only as a financial asset but also in fulfilling people's desire for symbols of American greatness," Ramaswamy stated, "is a more suitable asset for filling our national strategic reserves at the national level."

ChainCatcher news, according to The Block, analysts from research and brokerage firm Bernstein pointed out that President Trump's statements regarding cryptocurrency reserves have evolved from "Bitcoin as a national reserve" during the campaign to "national digital asset reserves," and recently to "cryptocurrency strategic reserves." Analyst Gautam Chhugani stated in a client report released on Monday: "It is currently unclear whether a strategic reserve can be created solely through a presidential executive order. If it involves the Federal Reserve's balance sheet, specific legislation would be required from Congress."While there are views that the U.S. Treasury's Exchange Stabilization Fund could be used to purchase cryptocurrencies without the need for immediate congressional approval, the fund's primary responsibilities are managing foreign exchange and maintaining financial stability, and using it for crypto reserves may face legal and political challenges. If crypto reserves are approved by Congress, Bernstein analysts proposed several potential sources of funding, including re-evaluating and reallocating gold reserves, issuing government bonds, reallocating Federal Reserve balance sheet funds, or collaborating with U.S. institutional asset managers.Regarding asset allocation methods, analysts suggested a market-cap weighted distribution: 75% allocated to Bitcoin, 11% to Ethereum, 4% to Solana, and the remaining 10% to other assets. Bernstein analysts believe: "A realistic path may be for the U.S. government to persuade Congress to accept Bitcoin as a new form of digital gold/global store of value and to conduct a gold re-evaluation/gold reserve reallocation."

ChainCatcher news, according to The Block, Bernstein reiterated its $200,000 Bitcoin price target, believing there are potential buying opportunities in the current price adjustment. Their research report describes the current price pullback as "another opportunity to participate in this cycle" and reaffirms their bullish stance on the Bitcoin market structure.

ChainCatcher news, according to The Block, analysts from investment research firm Bernstein stated that as the regulatory environment improves, liquidity in the crypto market is expected to shift from meme coins to practical tokens in areas such as DeFi, gaming, and NFTs. Chief analyst Gautam Chhugani pointed out that the recent increase in meme coin activity is primarily due to the regulatory pressure on practical tokens and NFT projects during the tenure of former SEC Chairman Gensler.The report indicates that Paul Atkins, a pro-crypto figure nominated by Trump, is likely to become the SEC Chairman. Additionally, the SEC has agreed to withdraw its lawsuit against Coinbase and terminate its investigation into OpenSea, signaling a shift in regulatory attitude. Bernstein expects Bitcoin's price to reach $200,000 by the end of the year, mainly benefiting from national strategic reserve plans, ETF inflows, and continued corporate accumulation.Analysts emphasize that stablecoins and the tokenization of physical assets will become industry focal points, expected to play significant roles in areas such as cross-border B2B payments and global interbank settlements.

ChainCatcher news, according to DL News, investment bank Bernstein has released a new research report, predicting that the cryptocurrency bull market will continue until 2026, driven by stablecoins and the tokenization of securities. Meanwhile, Robinhood's cryptocurrency trading volume is expected to reach three times that of 2024 by 2026.The report points out that currently, 60% of Robinhood's trading revenue comes from non-crypto assets (such as stocks and options), while 40% comes from cryptocurrencies. This ratio is expected to reverse between 2025 and 2026.Additionally, Morgan Stanley previously stated that improvements in the U.S. regulatory environment would allow Robinhood to "participate more actively" in the crypto business. In light of this positive news, Bernstein has raised Robinhood's target stock price nearly doubled to $105.

ChainCatcher news, according to a report released by Bernstein on Wednesday, suggests that a "perfect storm" of political and regulatory forces is creating ideal conditions for stablecoin legislation in the United States this year.Analysts added that potential legislation in the U.S. could prompt major financial institutions to evaluate how to integrate stablecoin issuance or settlement into their business models. Additionally, regulators are expected to intensify scrutiny of past "de-banking" practices, further incorporating stablecoin issuers, exchanges, and intermediaries into the traditional financial system.

ChainCatcher news, according to Decrypt, based on a recent report from global investment firm Bernstein, investors should prepare for further increases in Bitcoin-related assets and stocks. Analysts point out that as institutional funds continue to flow into the space, the Bitcoin bull market will persist.The report states: "The joint adoption by banks, institutional investors, corporations, and sovereign nations (either directly or through sovereign funds) makes Bitcoin a clear challenger to gold." Analysts added that the Abu Dhabi sovereign wealth fund's purchase of Bitcoin through ETFs is positive for its future performance.The disclosed data shows that top institutions, including Jane Street Group, Citadel Advisors, and Morgan Stanley, have purchased hundreds of millions of dollars in Bitcoin ETFs. Bernstein analysts had previously predicted that Bitcoin would reach $200,000 by the end of 2025.

ChainCatcher news, according to CoinDesk, investment bank Bernstein has released a research report indicating that the U.S. cryptocurrency working group will focus on advancing the establishment of a national Bitcoin reserve. Analyst Gautam Chhugani's team believes that this initiative could trigger a global competition among sovereign nations to incorporate Bitcoin into their reserve assets.The report explores the key issues facing the establishment of the reserve: first is the determination of the purchasing entity, which would require legislative approval if executed by the Federal Reserve; second is the source of funding, which could be addressed through issuing bonds or selling part of the gold reserves. The report also mentions that the U.S. government could include approximately $20 billion worth of Bitcoin previously seized from criminal activities into the national reserve.It is noteworthy that the Trump administration had previously announced the establishment of a sovereign wealth fund (SWF), which would consider significant U.S. cryptocurrency companies as strategic investment targets. Bernstein advises investors to prepare for a new bull market in Bitcoin and related stocks.

ChainCatcher news, according to CoinDesk, investment bank Bernstein has released a research report indicating that the U.S. cryptocurrency working group will focus on advancing the establishment of a national Bitcoin reserve. Analyst Gautam Chhugani's team believes that this initiative could trigger a global competition among sovereign nations to incorporate Bitcoin into their reserve assets.The report explores the key issues facing the establishment of the reserve: first is the determination of the purchasing entity, which would require legislative approval if executed by the Federal Reserve; second is the source of funding, which could potentially be addressed through issuing bonds or selling a portion of gold reserves. The report also mentions that the U.S. government could include approximately $20 billion worth of Bitcoin previously seized from criminal activities into the national reserve.It is noteworthy that the Trump administration had previously announced the establishment of a sovereign wealth fund (SWF), which would consider significant U.S. cryptocurrency companies as strategic investment targets. Bernstein advises investors to prepare for a new round of bull market for Bitcoin and related stocks.

ChainCatcher news, according to The Block, research firm Bernstein's latest analysis shows that Strategy (formerly MicroStrategy) will see its balance sheet increase by $12.75 billion after adopting the new fair value accounting standards from FASB. Previously, the value of digital assets on the company's books had to account for impairment losses when prices fell, but if prices rose, they could not be adjusted upward unless sold.Starting January 2025, Strategy will adopt the new fair value accounting rules from the Financial Accounting Standards Board (FASB), which will result in a one-time cumulative adjustment of $12.75 billion being recorded in retained earnings at the beginning. Bernstein analyst Gautam Chhugani stated in a report to clients on Thursday that this change will allow the company to recognize unrealized gains on its Bitcoin positions for the first time.

ChainCatcher news, according to The Block, analysts at brokerage firm Bernstein stated in a report to clients: "If tariffs mean a stronger dollar, rising inflation, and a weakened prospect of interest rate cuts in the short term, then this implies a decline in global liquidity for risk assets. Over a longer time frame, as governments take on higher debt and larger deficits, leading to further currency devaluation, Bitcoin has relative value against the dollar, which is evident in Bitcoin's long-term compounded history. However, in the short term, Bitcoin is correlated with risk assets. Therefore, the sell-off in cryptocurrencies is not surprising."Bernstein analysts believe that in the long run, the Trump administration sees cryptocurrencies as strategically significant for government governance and national finances, aiming to control inflation through deficit reduction, cost-cutting measures led by Elon Musk's efficiency department, and increased energy production. While foreign governments may retaliate against tariffs by selling U.S. Treasury bonds, Bernstein expects sovereign nations to hoard gold and Bitcoin as an economic buffer, with the U.S. leading the shift in support for cryptocurrencies, and more countries likely to follow suit.

ChainCatcher news, analysts from the research and brokerage firm Bernstein recently stated that after discussions with diversified investors across the United States, some groups recognize that "cryptocurrency is back" and believe it is necessary to increase market activity.Bernstein analyst Gautam Chhugani wrote in a report to clients on Tuesday that investor groups focused on finance, payments, data centers, energy, growth, technology, and cryptocurrency are clearly aware of the political shifts occurring under the Trump administration.

ChainCatcher news, Bernstein analyst Gautam Chhugani stated that insiders holding Trump tokens may distribute these supplies, leading to losses for unsuspecting investors, a situation that has occurred in the past with Trump-related assets, especially when the stock of Truth Social's parent company, Trump Media & Technology Group, fluctuated.Gautam Chhugani added that given the rapid surge in the token's market capitalization, the 80% supply held by insiders does put some pressure on it. However, tokens directly related to the president may be more enduring than most tokens, but their ownership structure could diminish their appeal. In this case, meme coins leveraging Trump's brand effect and political image have a certain durability, but since 80% of the insider supply is provided by Trump's affiliates, their longevity will depend on the potential token design.

ChainCatcher news, research and brokerage firm Bernstein analysts released a report stating that the Meme coin TRUMP, launched after Trump was elected President of the United States, marks a paradigm shift in the cryptocurrency field in the U.S. and globally. Bernstein's analyst team stated, "This marks the arrival of a new regulatory era, where the U.S. government views cryptocurrency as a technology that directly engages the public."Bernstein noted that the token issuance by the incoming U.S. president is an important signal for American cryptocurrency developers, especially against the backdrop of the Biden administration's crackdown on the industry. The report pointed out, "This indicates that bold development can take place in the U.S. without fear of issuing tokens—a new era of crypto regulation has arrived." The report added that the Meme coin, leveraging the Trump brand and political influence, has "potential durability," but its success will depend on the token design.

ChainCatcher news, according to The Block, Bernstein analysts have released ten predictions for the cryptocurrency industry in 2025, reaffirming a Bitcoin price target of $200,000, and noting that the stablecoin market size will exceed $50 billion. The net inflow of funds into spot Bitcoin ETFs will surpass $70 billion, and the integration of cryptocurrency and artificial intelligence will deepen further.Bernstein refers to 2025 as the beginning of the "Era of Infinity," believing it to be a "long-term period in which cryptocurrency technology continues to evolve and gain widespread acceptance." Analyst Gautam Chhugani stated that the cryptocurrency industry will gradually detach from cyclical fluctuations, integrating into the financial system and becoming an important part of the intelligent era. The report predicts that U.S. spot Bitcoin ETFs will attract over $70 billion in net inflows, with institutional adoption rates rising rapidly, and the proportion of ETF investments held will increase from 22% in 2024 to 40%. Meanwhile, the capital expansion plans of MicroStrategy and Bitcoin miners will drive corporate financial adoption to reach $50 billion by 2025. Additionally, Bernstein expects the fusion of AI and the cryptocurrency industry to give rise to innovative fields such as decentralized AI blockchains, AI-integrated cryptocurrency wallets, and "human verification" based validation services; Bitcoin miners will also increasingly turn to AI to optimize business models and attract a broader range of institutional investors.

ChainCatcher news, according to foxaraby, MicroStrategy is issuing stock or zero-coupon debt backed by a small reserve of Bitcoin in order to purchase a large amount of Bitcoin through simple arbitrage. The company announced in October that it plans to raise $42 billion over the next three years using these methods and is accelerating towards this goal.Bernstein analysts believe that "MicroStrategy is playing a leveraged game with Bitcoin." The analysts noted that the longer debt maturities provide the company with some buffer against immediate repayment or Bitcoin price fluctuations. Furthermore, even if MicroStrategy has to issue stock to repay convertible bonds, the dilution effect of these stocks on the company's equity is limited. "MicroStrategy is increasingly relying on issuing stock to buy Bitcoin, but when it opts for convertible bonds, bond purchasers can gain the option to convert them into company stock at a certain price, which is almost equivalent to a call option."

ChainCatcher news, newly elected Ohio Republican Senator Bernie Moreno will serve on the Senate Banking Committee, which is responsible for overseeing the U.S. Securities and Exchange Commission (SEC) and plays a key role in shaping cryptocurrency legislation.In 2018, Moreno founded Ownum, a company that sells technology for placing vehicle ownership on the blockchain. Before entering politics, he was a member of the blockchain policy organization The Digital Chamber. Although Moreno did not list cryptocurrency among his 16 core "policy priorities" on his campaign website, he did post several statements supporting the industry on X and publicly opposed a harsh regulatory environment during his campaign in the months leading up to the election.

ChainCatcher news, Bernstein's analysts expect that, given MicroStrategy's stock may be included in the Nasdaq 100 index this month, and the incoming Trump administration is increasing its focus on cryptocurrency, MicroStrategy's flywheel effect will accelerate.On Tuesday, Bloomberg analyst James Seyffart stated that MicroStrategy is likely to enter the Nasdaq 100 index on December 23, and this announcement may come as early as this Friday. It is estimated that the subsequent ETF will see a net inflow of at least $2.1 billion.

ChainCatcher news, Google has announced the launch of its first quantum chip, Willow, raising concerns about the potential decryption of private keys to steal user funds.Bernstein analyst Gautam Chhugani wrote in a report that the 105-qubit chip is still far from the millions of qubits needed to actually attack the Bitcoin Elliptic Curve Digital Signature Algorithm (ECDSA) and the Secure Hash Algorithm (SHA-256).The analyst stated, "Should Bitcoin contributors start preparing for a quantum future? Yes, but any actual threat to Bitcoin seems to be decades away."It is reported that ECDSA is a cryptographic algorithm used to protect private keys and enable digital signatures for Bitcoin transactions. SHA-256 ensures the integrity of the Bitcoin ledger by hashing transaction data, playing a crucial role in the mining process through Bitcoin's proof-of-work mechanism.

ChainCatcher news, analysts from the research and brokerage firm Bernstein stated: "We still firmly believe that $100,000 is not the final milestone for Bitcoin, and we expect Bitcoin to reach a cycle high of $200,000 by the end of 2025."