Bernstein: The macro environment is favorable for Bitcoin, and "digital gold" will usher in five major catalysts

PANews reported on April 22 that according to Jinshi, Bernstein believes that despite short-term volatility, the outlook for digital assets remains optimistic, and points out five structural catalysts that support Bitcoin's resilience and future upside potential. Analyst Gautam Chhugani said in the report: "The macro environment is good for gold, and therefore also good for digital gold (Bitcoin)." He emphasized that Bitcoin has a higher beta value and "upside" relative to gold. In addition, the Trump administration's regulatory attitude towards cryptocurrencies tends to be supportive, especially against the backdrop of the increasing convergence of digital asset industries and political interests.

Here are five key catalysts listed by Bernstein: ① Continued buying of Bitcoin, more resilient capital base: strong institutional demand, limited outflows from Bitcoin ETFs, easing selling pressure in April, and nearly 80 companies have included Bitcoin, such as MicroStrategy's continued buying. ② New purchase plan for the Strategic Bitcoin Reserve (SBR): The US government is expected to expand its Bitcoin holdings and is considering raising funds through gold certificate revaluation or issuing Bitcoin-backed bonds. ③ Mainstream banks accept cryptocurrencies: Driven by regulation and institutional interest, cryptocurrencies have returned to the mainstream financial system, and banks are exploring stablecoins for cross-border settlements and expanding to crypto custody and other businesses. ④ Progress in stablecoin regulation: The key regulation this year is the passage of the Stablecoin Act, and it is expected that banks and fintech companies will widely adopt stablecoin technology for scenarios such as remittances and B2B payments. ⑤ Promotion by asset management companies and brokers: Global financial institutions invest in crypto infrastructure, and brokers and asset management companies vigorously promote crypto businesses, such as Robinhood and Coinbase leading innovations in tokenized securities and stablecoin settlement.