Bitwise Exec: Bitcoin Could Reach $1 million by 2029

André Dragosch, head of European research at Bitwise, predicts that bitcoin could reach $1 million in 2029, surpassing gold (currently $21.70 trillion) in market capitalization. His analysis points out that the underlying price target for bitcoin in the 2025 cycle is $200,000, and if the US government directly allocates bitcoin through a "budget neutral" strategy, it may rise to $500,000. The US spot bitcoin ETF performed better than expected in its first year, and the BlackRock IBITETF recorded the fastest growth in history. Dragosch believes that as large investment banking channels such as Merrill Lynch and Morgan Stanley gradually open up, "structured capital inflows" will prolong the bitcoin cycle.