Bitwise Investment Director (CIO) Matt Hougan predicts Bitcoin (BTC) will exceed $1 million by 2029.
In a recent interview, the manager of a financial asset management company supported predictions on data on Bitcoin offers, the impact of ETFs, and the likelihood of BTC placing money in international transactions and playing a key role.
Important points for the US Bitcoin ETF, Hogan
The core of Hougan’s debate lies in Institutional adoptionhe says, it has entered a critical stage after the approval of Bitcoin-cited funds (ETFs) in the US. These devices led to a massive flow of capital into the currency created by Nakamoto, turning it into an asset that is accessible to traditional investors.
«ETFs buy 500,000 bitcoins a year. We are seeing the beginning of an institutional wave that has barely taken off.»
Hougan, CIO Bitwise
Hougan contrasted with the annual production of new Bitcoin, estimated at 160,000 units, compared to that figure. This disparity is generated, he explained. There is a lot of pressure on available offersa phenomenon that allows you to shoot prices when demand increases.
According to SosoValue, the BTC ETF presented positive net tickets from March 13th to Friday 20th after receiving a major departure from the end of February to early March.
Bitcoin before gold: carrier for capital letters
The manager also highlighted Bitcoin’s role as a direct gold competitor. This last one is capitalisation of about $20 million, the largest asset in that statistics. On that side, the BTC market capitalization at the time of this article is $1.6 billion.
Hogan claimed that Bitcoin is on the way to remove the gold. “Over million dollars per unit in 2029”.
2029: Cycle and data-based horizon
The temporal horizon for 2029 is not arbitrary in Hougan’s vision. I linked it very much Historic Market Cycle In a symbolic moment: 20 years of Bitcoin creation.
“It could happen towards the end of the next decade, but I set it in 2029. This coincides with the peak of the next cycle,” he said. This prognosis is consistent with the trend in BTC experiencing a significant increase after an event that reduced block (half). This Bitcoin scheduled mechanism reduces its emissions and enhances its rarity. This is an attribute that Bitwise CIOs compare favorably with gold characteristics. The next half will take place in 2028 and receive a reward for damaging 1,5625 BTC.
Ultimately, Hougan is Bitcoin Standards for international tradinghe didn’t dig into it, but “I think Bitcoin will be used as a cross payment and a global reference asset,” he said.
Hougan is not alone in his predictions
In the past, Cryptootics has already reported that other analysts or experts have set BTC’s future for millions.
For example, in November 2024, BlockStream co-founder and CEO Adam Back said BTC would reach $1 million at a price driven by a US strategic reserve based on its digital currency. Also last March, Ark Invest executive director Cathie Wood ordered Bitcoin prices to exceed their $1 million target by 2030.
Therefore, the price of BTC is in the $84,000 area in this writing, analyst, and is now strengthening its long-term upward trend.
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