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Bernstein, an asset management firm with over $750 billion in assets under management, has reiterated its $200,000 Bitcoin price prediction for the end of 2025. In a report, the firm also announced that it is adding two Bitcoin mining companies to its coverage: IREN and Core Scientific.
Bernstein’s research unit is focusing on Bitcoin miners and their data centers, which are increasingly being used for artificial intelligence (AI). The firm said it will be issuing reports to its clients on these miners, starting with IREN and Core Scientific.
“Data center operations and energy access…”
The report, signed by Gautam Chhugani and Mahika Sapra, highlights the AI agreements and work of the two companies, stating:
“Bitcoin miners are beginning to be seen as valuable partners in terms of energy access, management, and the establishment of AI data centers. The approval process for building new energy facilities from scratch can take over 4 years. Bitcoin miners, on the other hand, can gain access to energy connections in a much shorter timeframe. This saves the market significant time.”
The analysts cited Core Scientific’s $3.5 billion deal with AI firm CoreWeave and IREN’s agreement to supply Nvidia GPUs to AI startup Poolside as the main reasons for adding the two companies to coverage.
It is worth noting that both companies were on the brink of bankruptcy in the 2022 crypto crash. Core Scientific filed for bankruptcy and underwent restructuring before resuming operations.
In addition to adding the two mining companies to coverage, Bernstein also reiterated its Bitcoin price forecasts of $200,000 by the end of 2025, $500,000 by the end of 2029, and $1 million by the end of 2033.