Bitcoin to $1M by 2029 fueled by ETF and gov’t demand — Bitwise exec

Bitcoins expanding institutional adoption may provide the structural inflows necessary to surpass golds market capitalization and push its price beyond $1 million by 2029, according to Bitwises head of European research, Andr Dragosch.Our in-house prediction is $1 million by 2029. So that Bitcoin will match gold's market cap and total addressable market by 2029, he told Cointelegraph during the Chain Reaction daily X spaces show on April 30.Corporations are coming for your bitcoin (feat. Andr Dragosch, Head of Research at Bitwise) #CHAINREACTION https://t.co/5F3cRWBHzq Cointelegraph (@Cointelegraph) April 30, 2025src="https://platform.twitter.com/widgets.js" charset="utf-8">Gold is currently the worlds largest asset, valued at over $21.7 trillion. In comparison, Bitcoins market capitalization sits at $1.9 trillion, making it the seventh-largest asset globally, according to CompaniesMarketCap data.Top 10 global assets by market capitalization. Source: CompaniesMarketCapRelated: Bitcoin treasury firms driving $200T hyperbitcoinization Adam BackFor the 2025 market cycle, Bitcoin may surpass $200,000 in the base case and $500,000 with more governmental adoption, Dragosch said.But once you see sovereign bias like the US government stepping in, all this will change to $500,000.So the base case is $200,000, conditional on the US government not stepping in. If they step in, it will move closer toward $500,000, said Dragosch, referring to the US governments plan to potentially make direct Bitcoin acquisitions through budget-neutral strategies.The US is looking at many creative ways to fund its Bitcoin investments, including from tariff revenue and by reevaluating the US Treasurys gold certificates, creating a paper surplus to fund the BTC reserve without selling gold, Bo Hines of the Presidential Council of Advisers for Digital Assets said in an interview on April 14.Related: Crypto sentiment recovers, but weekend liquidity risks remainStructural ETF inflows, institutional adoption prolong Bitcoin cycleThe US-based spot Bitcoin exchange-traded funds (ETFs) have surpassed all expectations during their first year of trading, exceeding record trading volumes as BlackRocks iShares Bitcoin Trust ETF became the fastest-growing ETF in history.The first year is usually the slowest for ETFs, Dragosch said, highlighting the launch of the gold ETF:That alone implies that in the second and third year, we will see growing inflows. In terms of the four four-year cycle, implies that, this cycle will be prolonged by these structural inflows.The Bitcoin cycle may also be prolonged when US wirehouses start gaining exposure to Bitcoin and ETFs.In the US, the major distribution channels go via Wirehouses, which are essentially the big banks like Merrill Lynch or Morgan Stanley. [...] Not even half of these wirehouses have opened up their distribution channels to US Bitcoin ETFs, the analyst said.Adoption from US wirehouses may bring a huge amount of capital, since these control over $10 trillion worth of customer assets, Dragosch added.loading="lazy">Magazine: Altcoin season to hit in Q2? Mantras plan to win trust: Hodlers Digest, April 13 19