Bitcoin Projected to Reach $1 Million by 2029, Surpassing Gold's Market Value

According to PANews, Bitwise's European Research Director André Dragosch has forecasted that Bitcoin could reach a value of $1 million by 2029, potentially surpassing gold's current market capitalization of $21.7 trillion. Dragosch's analysis suggests that during the 2025 cycle, Bitcoin's base target price is set at $200,000. However, if the U.S. government adopts a 'budget-neutral' strategy to directly allocate Bitcoin, the price could rise to $500,000. The first-year performance of the U.S. spot Bitcoin ETF has exceeded expectations, with BlackRock's IBIT ETF achieving the fastest growth record in history. Dragosch believes that as major investment banks like Merrill Lynch and Morgan Stanley gradually open their channels, 'structural capital inflows' will extend Bitcoin's cycle.