Bernstein Forecasts Long-Term Price Increase in Crypto Assets Driven by Clear Legal Framework, Institutional Acceptance, and Financial System Integration.
The crypto asset market is entering a structural growth phase, completely different from previous cycles. According to Bernstein's latest digital asset Mnemonics, the current price increase is no longer dependent on short-term speculative factors or traditional Bitcoin halving cycles, but is driven by widespread institutional acceptance and synchronized legal progress.
"Our confidence in blockchain and digital assets has never been higher," Bernstein analysts affirm in the report. They emphasize that this cycle is more structurally clear with a transparent legal framework, government support, and strong acceptance from financial institutions.
Unlike previous price increases mainly driven by speculative sentiment, the current market is witnessing structural maturity. US legislators have passed important crypto asset bills, while the European Union has fully implemented the MiCA framework. The US Securities and Exchange Commission (SEC) has also established a dedicated crypto asset task force, demonstrating a more synchronized supervisory approach.
Internet Financial Infrastructure is Forming
Institutional capital flow is surging with Bitcoin ETFs attracting significant attention. Governments of many countries are studying Bitcoin reserves and testing central bank digital currencies (CBDC), showing an increasingly strategic interest in digital assets. This shift reflects a more stable market evolution phase, closely tied to traditional policies and finance.
Bernstein views the current context as the foundation for an entirely new financial ecosystem. "What is being built here is not just a payment system, but a pure Internet financial system," the analysts note. They particularly emphasize the development of stablecoins – described as the "first blockchain application to achieve critical scale".
With stablecoin wallet numbers having reached nearly 50 million and projected to increase to hundreds of millions soon, Tokenization is expected to drive the next growth phase. The process of releasing digital copies of real-world assets will enable instant, low-cost payments and lay the groundwork for seamless global financial access.
Public blockchains like Ethereum and Solana are leading this foundational transformation. Although infrastructure scale is still under construction, Bernstein describes the market as entering a clearly defined shaping stage. "We are in the deployment and building phase," the analysts write, while forecasting "a relatively long and challenging crypto asset price cycle".
