Analysts #Bitwise presented an estimate that significantly shifts the perception of Bitcoin's long-term potential. According to the company's CIO, a target of $1.3 million by 2035 may turn out to be not optimistic but rather too cautious.
1. Evaluation model: the share #BTC of gold capitalization
The basis of the forecast is the assumption that the share of Bitcoin relative to the market capitalization of gold will increase.
Today BTC constitutes about 9% of the gold market. Bitwise's forecast predicts this share will grow to 25%.
Even such a scenario provides a price of over $1 million per coin.
2. Gold is also getting more expensive
Bitcoin is not just 'catching up' to the gold market — the gold market itself is growing.
This means that the target market (TAM) for BTC is also increasing, and therefore, the potential value of Bitcoin is moving upward along with the precious metals market.
3. $1.3 million could be the lower limit
With this dynamics, a valuation of $1.3 million looks not like a fantasy, but a baseline scenario that could be exceeded in case of accelerated institutional adoption, changes in monetary regimes, or an increase in the share of BTC in fund portfolios.
Bitwise: the crypto market could grow 10-20 times over a decade
CIO of Bitwise believes we are entering a phase of large-scale structural transformation where blockchain and digital assets are moving from 'experimental' to systemic levels.
1. Stablecoins are becoming the new global payment network
Stablecoins are already being used not as a speculative tool, but as a real settlement infrastructure.
Fees are lower, speed is higher, and usage is spreading among businesses, startups, fintech, and international operations.
2. Asset tokenization is accelerating
Blockchain is transferring:
funds
bonds
stocks
This simplifies the settlement infrastructure and reduces costs. If the trend continues, the traditional market will largely transition to on-chain infrastructure.
3. A possible transition of the entire American stock market to blockchain
Former SEC member Paul Atkins states:
the US stock market ($68 trillion) could transition to blockchain within a few years.
For comparison:
today the volume of tokenized assets is $670 million, which is a difference of 100,000 times.
4. Bitcoin is consolidating as digital gold
Institutional investors continue to accumulate BTC through spot ETFs even during periods of corrections.
This indicates the consolidation of Bitcoin as a safe-haven asset and a long-term investment trend.
5. #DeFi , privacy and digital identity
These directions go beyond experiments and transition into applied solutions. A new value is formed on top of the basic blockchains — this is one of the catalysts for future growth.
6. Which blockchain to bet on?
It is impossible to predict which specific L1 or L2 will become dominant.
The strategy proposed by Bitwise is broad diversification, allowing investors to 'catch the wave' regardless of which specific project becomes the market leader.
