Bitwise CIO Predicts Bitcoin May Reach $1 Million by 2029

Bitwise Chief Investment Officer Matt Hougan predicts Bitcoin has potential to reach $1 million by 2029, despite recent performance. He highlights Bitcoin's complex behavior during economic uncertainty, noting it often correlates with the US stock market during major news events.

Key Points from Hougan's Analysis

Bitcoin price increases historically follow notable declines, a pattern referred to as “dip then rip.”
A Discounted Cashflow Analysis suggests a current valuation of $218,604 for Bitcoin based on the $1 million target.
Current trading range for Bitcoin is between $81,180 and $84,340.
Potential US government actions, including a strategic Bitcoin reserve, could positively influence Bitcoin's future.
Reintroduction of the Bitcoin Act Bill may boost institutional investor confidence.
Geopolitical tariff conflicts are linked to short-term liquidity in the market, which could benefit Bitcoin as a safe haven asset.