Bitcoin (BTC), which hit the all-time high (ATH) of $126,080 on Oct. 6 last year, is still struggling on the charts due to the market turmoil. Though the recent peace negotiation between the
Bitcoin (BTC), which hit the all-time high (ATH) of $126,080 on Oct. 6 last year, is still struggling on the charts due to the market turmoil.
Though the recent peace negotiation between the United States and Iran has boosted the hopes of crypto investors, Bitcoin is still trading 45% lower than the ATH.
But Morgan Stanley's digital asset strategy head Amy Oldenburg is still extremely bullish on Bitcoin.
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Oldenburg appeared in an interview with Natalie Brunell published on June 10, in which she said Bitcoin's price could eventually hit $1 million, but the cryptocurrency requires a major "catalyst" to reach a new ATH.
According to Oldenburg, Bitcoin’s long-term adoption is still in an early stage even as Wall Street institutions continue building products tied to it.
Morgan Stanley itself launched a U.S. spot exchange-traded fund (ETF) tied to Bitcoin (NYSE Arca: MSBT) in early April. Oldenburg underlined that the fund had the best debut in the investment bank's history.
Though the bank recommends Bitcoin allocations of 0%-2% in some portfolios and 2%-4% in more aggressive portfolios, adoption among financial advisors remains slower than client interest. She highlighted and attributed the mismatch to a lack of crypto education.
Though Oldenburg expects Bitcoin to hit $1 million in 2030, she acknowledged that the cryptocurrency has never reached anywhere close to even $200,000. The reason, she argued, is that investors are getting attracted to other commodities and artificial intelligence (AI) and are fearful of quantum threats.
This is why she believes it requires a stronger catalyst to trigger Bitcoin's next phase of adoption. It won't be a sudden vertical uptrend but a gradual climb for the cryptocurrency through 2030, she forecasted.
Oldenburg also warned against putting Bitcoin, Ethereum (ETH), Solana (SOL) and XRP in the same camp just because they are cryptocurrencies, because all of them serve different purposes.
BTC/USD, Source: DecibelBitcoin was trading at $66,500 at press time as per Decibel.
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