Bitcoin's Long-Term Value: $170K by 2030 or $230K by 2035?

Ned Davis Research has released a long-term valuation framework for Bitcoin, predicting that it will reach around $170,000 by 2030 and potentially $230,000 by 2035. The projection comes from chief alternatives strategist John LaForge, who outlined seven approaches investors can use to think about Bitcoin's value.

The approaches include network adoption, comparisons with gold, money-supply growth, production costs, portfolio risk, adoption cycles, and the stock-to-flow model. Network adoption stands out because it relies directly on Bitcoin-specific data, including the number of owners, exposure through exchange-traded funds, addresses holding balances, and daily active addresses.

LaForge is skeptical of the stock-to-flow model, which focuses heavily on Bitcoin's limited supply and declining issuance. He argues that demand has not grown strongly enough to justify some of its higher historical projections.