Stablecoins are increasingly becoming strategic assets, and support dollar dominance, the report said.
The crypto exchange's broadening product suite and dominant U.S. market position set it up well for the long term, many analysts said.
Spot bitcoin ETF net inflows totaled over $4 billion in the last three weeks, when adjusted for hedge fund basis trades, the bank said.
The token has traded like an unweighted mix of bitcoin and ether since May 2021, the report said.
Strategy alone is expected to buy another $124 billion of bitcoin over the next five years, in the broker's bull case.
Mining profitability fell in April as the network hashrate increased 6%, the report said.
Strategic allocation away from U.S. assets is likely to be the catalyst for move to a new record.
MARA Holdings and CleanSpark outperformed BTC, while miners with exposure to high-performance computing, such as Bitdeer, TeraWulf, IREN and Riot Platforms underperformed.
The passage of the Genius Act in the U.S., expected in coming months, will further legitimize the stablecoin industry, the report said.
Mining profitability worsened due to a 11.2% decline in the bitcoin price and a 9.1% slump in transaction fees, the report said.
Tariffs contribute to stagflation, and this benefits scarce assets such as gold and bitcoin, the report said.
The asset manager said it was sticking to its 2025 year-end bitcoin price target of $200,000.
Previous crises saw the world's largest cryptocurrency tumble 50-70%, the report said.
Eased policy in China — and signs of this are emerging — could significantly boost bitcoin adoption
The monthly performance was the third-worst on record, the report said.
The broker has a buy rating on the shares with a $23 price target.
U.S.-listed miners maintained their share of the network hashrate at around 30%, the report said.
Layer 2 blockchains were meant to improve scalability on the Ethereum network, but Coinbase's Base has reduced ether's market cap by $50 billion, the report said.
The Bitcoin network is evolving into a wider DeFi ecosystem, the report said.
The SBR will elevate bitcoin's institutional standing, the report said.
Bitcoin is the real winner as it is exclusively being treated as a reserve asset, the report said.
A number of U.S. states have rejected the idea of using bitcoin as a reserve asset due to its volatility, the report said.
The final reserve will be almost entirely bitcoin and will be larger than people think, the report said.
The total market cap of the 14 publicly-listed U.S. bitcoin miners that the bank tracks dropped 22% last month, the report said.
The President announced that XRP, SOL, BTC, ETH and ADA would be included in the strategic reserve.
Institutional crypto futures positioning suggests a weakness in demand, the report said.
Institutional use of these cryptocurrencies will increase once rules are in place, the report said.
Mining economics came under pressure as the network hashrate rose while the bitcoin price fell, the report said.
The SOL price has slumped against both the dollar and ether.