Bitwise Projects Bitcoin Price to Reach $1.3 Million by 2035
Bitwise, a crypto asset manager, forecasts significant growth for bitcoin (BTC) over the next decade. Key points from their report include:
- Bitcoin could reach $1.3 million by 2035.
- This projection suggests a compound annual growth rate of 28.3%.
- Current price exceeds $100,000 due to better regulatory clarity and increased institutional interest.
- Three main drivers for growth are:
- Institutional adoption as an asset
- Increased demand for hard assets in an inflationary context
- Fixed nature of bitcoin's supply
- Bitwise states that the traditional four-year cycle for bitcoin is no longer relevant.
- Investors should anticipate volatility and potential drawdowns due to regulatory shifts and market challenges.
- Technological threats like quantum computing are considered secondary risks.
- Forecasting remains uncertain, with evolving models being used for projections.