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Bitcoin\u2019s expanding institutional adoption may provide the \u201cstructural\u201d inflows necessary to surpass gold\u2019s market capitalization and push its price beyond $1 million by 2029, according to Bitwise\u2019s head of European research, Andr\u00e9 Dragosch.<\/p>\n
\u201cOur in-house prediction is $1 million by 2029. So that Bitcoin will match gold’s market cap and total addressable market by 2029,\u201d he told Cointelegraph during the Chain Reaction daily X spaces show<\/a> on April 30.<\/p>\n Corporations are coming for your bitcoin (feat. Andr\u00e9 Dragosch, Head of Research at Bitwise) #CHAINREACTION<\/a> https:\/\/t.co\/5F3cRWBHzq<\/a><\/p>\n \u2014 Cointelegraph (@Cointelegraph) April 30, 2025<\/a><\/p><\/blockquote>\n Gold is currently the world\u2019s largest asset, valued at over $21.7 trillion. In comparison, Bitcoin\u2019s market capitalization sits at $1.9 trillion, making it the seventh-largest asset globally, according<\/a> to CompaniesMarketCap data.<\/p>\n Related: <\/strong><\/em>Bitcoin treasury firms driving $200T hyperbitcoinization \u2014 Adam Back<\/strong><\/em><\/a><\/p>\n For the 2025 market cycle, Bitcoin may surpass $200,000 in the \u201cbase case\u201d and $500,000 with more governmental adoption, Dragosch said.<\/p>\n \u201cBut once you see sovereign bias like the US government stepping in, all this will change to $500,000.\u201d<\/p><\/blockquote>\n \u201cSo the base case is $200,000, conditional on the US government not stepping in. If they step in, it will move closer toward $500,000,\u201d said Dragosch, referring to the US government\u2019s plan to potentially make direct Bitcoin acquisitions through \u201cbudget-neutral\u201d strategies.<\/p>\n The US is looking at \u201cmany creative ways\u201d to fund its Bitcoin investments<\/a>, including from tariff revenue and by reevaluating the US Treasury\u2019s gold certificates, creating a paper surplus to fund the BTC reserve without selling gold, Bo Hines of the Presidential Council of Advisers for Digital Assets said<\/a> in an interview on April 14.<\/p>\n Related: <\/strong><\/em>Crypto sentiment recovers, but weekend liquidity risks remain<\/strong><\/em><\/a><\/p>\n The US-based spot Bitcoin exchange-traded funds (ETFs) have surpassed all expectations<\/a> during their first year of trading, exceeding record trading volumes<\/a> as BlackRock\u2019s iShares Bitcoin Trust ETF became the fastest-growing ETF in history.<\/p>\n The first year is usually the \u201cslowest\u201d for ETFs, Dragosch said, highlighting the launch of the gold ETF:<\/p>\n \u201cThat alone implies that in the second and third year, we will see growing inflows. In terms of the four four-year cycle, implies that, this cycle will be prolonged by these structural inflows.\u201d<\/p><\/blockquote>\n The Bitcoin cycle may also be prolonged when US wirehouses start gaining exposure to Bitcoin and ETFs.<\/p>\n \u201cIn the US, the major distribution channels go via Wirehouses, which are essentially the big banks like Merrill Lynch or Morgan Stanley. […] Not even half of these wirehouses have opened up their distribution channels to US Bitcoin ETFs,\u201d the analyst said.<\/p>\n Adoption from US wirehouses may bring a \u201chuge amount of capital,\u201d since these control over $10 trillion worth of customer assets, Dragosch added.<\/p>\n\n
\u201cStructural\u201d ETF inflows, institutional adoption prolong Bitcoin cycle<\/h2>\n