Brace Yourself: Bitcoin Could Hit $1 Million by 2029 (And Gold Should Worry)

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If the thought of Bitcoin reaching a million bucks by 2029 seems as likely as your cat mastering chess, well, you may want to hide your feline prodigy. According to André Dragosch, Bitwise’s head of European research and, one assumes, a man with access to truly formidable spreadsheets, the days of Bitcoin envying gold’s glimmer could be numbered. Evidently, Bitcoin, currently sitting at a modest $1.9 trillion market cap (translation: slightly less than the GDP of a small European country, or, say, Apple’s lunch money), might outpunch gold’s $21.7 trillion hoard before the decade is out. But only if enough people in expensive suits jump on the bandwagon.

As André told CryptoMoon, presumably from a swivel chair overlooking piles of economic data, “Our in-house prediction is $1 million by 2029. So that Bitcoin will match gold’s market cap and total addressable market by 2029.”

Corporations are coming for your bitcoin (feat. André Dragosch, Head of Research at Bitwise) #CHAINREACTION

— CryptoMoon (@CryptoMoon) April 30, 2025

Currently, gold is the biggest boulder in the world’s asset quarry, casting a $21.7 trillion shadow across economies and Scrooge McDuck’s pool alike. By comparison, Bitcoin is the ambitious upstart, ranking seventh globally. But who doesn’t love an underdog, especially one with a market cap that still makes traditional investors spit out their tea?

Looking at 2025, Dragosch reckons Bitcoin hitting $200,000 is the “base case”—that’s the one where governments hover suspiciously but don’t actually buy in. But if Uncle Sam finally does get that gleam in his eye and piles in with his “budget-neutral” tricks, the price could skyrocket to a gobsmacking half-million. Yes, apparently, the US government is considering not just holding Bitcoin, but finding creative ways to fund it (because when you’re already trillions in debt, why not get creative?). Tariffs! Gold certificates! Possibly a bake sale, but that’s unconfirmed.

“But once you see sovereign bias like the US government stepping in, all this will change to $500,000.”

So: $200k if the feds keep their distance, $500k if they jump into the digital deep end. Honestly, it’s more suspense than some seasons of Game of Thrones.

Bo Hines, a Presidential Council of Advisers for Digital Assets member and possibly a time traveler from a universe where Bitcoin is legal tender for coffee, suggested the US has a dozen ways to fund its Bitcoin stash—without actually offloading any gold. The plot thickens, and the spreadsheets tremble.

ETFs: The Unsung Heroes of Crypto FOMO

The US-based Bitcoin ETFs have stormed onto the scene like a busload of tourists at the Louvre, crashing records and generally causing a commotion. BlackRock’s iShares Bitcoin Trust even managed to become the fastest-growing ETF in, well, ETF history. Apparently, the old rulebook said the first year of an ETF is supposed to be slow (“like watching a Victorian era painting dry,” according to no one), but not so for Bitcoin.

“That alone implies that in the second and third year, we will see growing inflows. In terms of the four-year cycle, implies that, this cycle will be prolonged by these structural inflows.”

Translation: The money train hasn’t even left the station yet, and people are lining up for seats. Especially since, in the US, the real juggernauts (Wirehouses—think Merrill Lynch, Morgan Stanley, and other names that sound like they should come with leather chairs and a faint smell of mahogany) haven’t even opened their wallets. Apparently, not even half have given their blessing to Bitcoin ETFs. But when they do, it could be a capital flood of Titanic proportions—think $10 trillion in assets getting mighty adventurous.

In sum: if Bitcoin does shoot for a million after years of being side-eyed by gold bugs and Wall Street’s knitted brows, at least you can say you heard it here (and, perhaps, bluffed a bit of knowledge at your next office coffee break ☕🚀).

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2025-05-01 17:49