Bitcoin's Road to $1 Million: Experts Weigh In on Possibility and Timeline

Several prominent figures in crypto and traditional finance have predicted that Bitcoin's price will reach $1 million. Michael Saylor, CEO of Strategy, which holds over 842,000 BTC, expects this to happen by the end of the decade under his assumption that Bitcoin gains about 30% every year for the next twenty years, reaching $21 million a coin by 2046.

Cathie Wood's firm, ARK Invest, predicts global fund managers will put 2.5% of their $200 trillion in assets into Bitcoin, lifting its market cap to $16 trillion by 2030, which works out to about $761,000 per coin. Bernstein's research house also expects the price to reach $1 million, but by 2033.

For this to happen, Hougan suggests that the store-of-value market must grow at a rate of around 13% every year, similar to its growth since 2004. However, he notes that this assumption is based on past performance and may not be sustainable in the future.