Research and brokerage firm Bernstein has released a new outlook that companies could allocate a total of $330 billion to Bitcoin by 2029.
According to CryptoNews on the 6th (local time), based on a detailed report shared by Matthew Sigel, the digital asset research director at VanEck, Bernstein analysts forecast that this surge will be primarily driven by listed companies mimicking MicroStrategy's BTC asset strategy.
Particularly, cash-rich small-cap and low-growth companies are seeking alternative growth paths amid stagnant business foundations. Bernstein predicted that listed companies will lead $205 billion of this potential capital inflow over the next five years from 2025 to 2029.
In an optimistic scenario, Bernstein estimated that an additional $124 billion could flow in by 2027, especially after MicroStrategy (renamed Strategy) announced doubling its capital raising plan from $42 billion to $84 billion. 32% of this has already been completed.
The motivation for this aggressive asset diversification is that many companies have large cash reserves but few viable reinvestment options, viewing BTC as both a hedge and a value creation pathway.
Bernstein analysts noted, "They have no visible path to value creation." "The success of the MicroStrategy model provides them with a rare growth path."
The Bernstein report also emphasized that companies holding over $100 million in cash could contribute approximately $190 billion of the expected capital inflow. Even in conservative estimates, high-growth small businesses could invest $11 billion in BTC by 2026, and at least $5 billion could come from just 10 large enterprises by 2027.
However, Bernstein warned that the Strategy model is not universally replicable. Its effectiveness is closely tied to BTC price performance, and not all companies have the same risk appetite or capital accessibility.
Michael Saylor's Strategy remains the most notable corporate case study in BTC accumulation. On May 5th, the company invested over $180 million to purchase an additional 1,895 BTC, bringing its total BTC holdings to 555,450 BTC.
At current market prices, these assets are worth approximately $52.5 billion, with an average purchase price of $68,569 per BTC. According to the Saylor Tracker, Strategy's BTC investment has generated nearly $14 billion in unrealized profits, representing a 38% return.
These results have attracted investor attention. Strategy's stock price has risen 97% since the beginning of the year, outperforming the relatively stagnant BTC.
BitBO data shows increasing institutional interest, with listed companies collectively holding over 723,000 BTC, valued at more than $68 billion.
Other major holders include mining companies like Marathon Digital, Riot Platforms, and CleanSpark.
Additionally, the new joint venture 21 Capital, launched by Softbank, Tether, and Cantor Fitzgerald, aims to purchase BTC worth $3 billion.
VanEck's April 2025 digital asset monthly report added more momentum to this narrative. The asset manager observed that BTC performed better than stocks momentarily in a turbulent market environment triggered by geopolitical tensions and former President Donald Trump's tariff announcements.
While traditional assets like the S&P 500 and gold declined, BTC surged from $81,500 to over $84,500, suggesting a potential shift in investor perception of BTC as a macro hedge.
By late April, the correlation between BTC and stocks rose from below 0.25 to 0.55, but VanEck confirmed structural momentum supporting BTC's future decoupling.
Sovereign nations and institutions are showing increased interest in viewing BTC as an uncorrelated and store of value asset. VanEck cited Venezuela and Russia using BTC in international trade as early signals of this trend.
Nevertheless, the broader cryptocurrency market remains volatile. While BTC rose 13% in April, altcoins, including Ethereum and various meme coins, continued to fluctuate.
The MarketVector Meme Coin Index has plummeted over 50% year-to-date, and layer-1 platforms like Ethereum have seen significant decreases in fee revenues.
Despite notable activity on networks like Sui and Solana, speculative enthusiasm has cooled, with BTC standing out for its relative resilience and mature institutional appeal.
Despite surging private institutional interest, state-level BTC adoption faces significant headwinds. Florida has become the latest state to abandon plans to integrate BTC into its asset strategy.
Two proposed bills, House Bill 487 and Senate Bill 550, were withdrawn from the legislative process on May 3rd, despite the legislative period being extended to June 6th for budget deliberation.
Had they passed, these bills would have authorized Florida's Chief Financial Officer and State Administrative Board to allocate up to 10% of certain state funds to BTC.
Their quiet withdrawal reflects similar failures in recent cryptocurrency investment proposals in other states, including Wyoming, North Dakota, South Dakota, Pennsylvania, Montana, and Oklahoma.
While companies and hedge funds are increasingly accepting BTC as asset reserves and macro hedges, policymakers remain cautious, often citing volatility and financial responsibility as entry barriers.
If BTC maintains its momentum, Bernstein's optimistic $330 billion forecast could become a self-fulfilling prophecy.
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