Bitcoin Price Target of $1.3 Million by 2035 Faces Skepticism

Bitwise's $1.3 million Bitcoin price target by 2035 has been called into question by some analysts, who say it may be overly optimistic.

The prediction is based on Bitcoin capturing 25% of the store-of-value market, according to Bitwise. However, CoinDesk argues that this forecast relies on assumptions about Bitcoin drawing part of gold's market capitalization and institutional investment.

Furthermore, CoinDesk notes that relatively safe assets offering high yields, such as long-term US Treasuries, could limit money flowing into Bitcoin. This would make Bitwise's long-term price outlook overly optimistic.

Bitwise claims that even a 1% allocation to Bitcoin from institutional investors worldwide, who manage $100 trillion to $200 trillion in assets, could support its long-term price outlook.