Bernstein: Bitcoin and Crypto-Related Stocks Are Ripe for Institutional Adoption

Odaily Odaily News Brokerage firm Bernstein said in a research report on Wednesday that Bitcoin and cryptocurrency-related stocks are undervalued and suitable for institutional adoption. Bernstein pointed out that cryptocurrency bears believe that spot Bitcoin exchange-traded fund (ETF) trading has ended, most of the early configurations came from retail investors, and most institutional demand was "basic cash and carry trades" rather than new net long positions. While this is true, we believe that Bitcoin ETFs will be approved by major securities firms and large private banking platforms in the third/fourth quarter. "The spot Bitcoin ETF was first approved in the United States in January, greatly broadening the channels for people to invest in the world's largest cryptocurrency.