Institutional Flood Could Send Bitcoin Price Soaring to $1.3 Million

Bitwise Asset Management's Chief Investment Officer (CIO) Matt Hougan predicts that trillions of dollars in institutional capital will flow into the Bitcoin market over the next decade.

This influx is expected to drive up the price of Bitcoin, potentially reaching $1.3 million by 2035 if it captures a 25% share of the global store-of-value market.

Hougan cites the gold market as an example, where the launch of gold ETFs in 2004 led to a significant increase in its market capitalization from around $2 trillion to over $30 trillion today.

The CIO also notes that the growth of spot Bitcoin exchange-traded funds (ETFs) and digital asset treasury companies (DATs) will contribute to this trend, as investors become increasingly comfortable with holding Bitcoin directly rather than through a DAT.