BITWISE: “$1 Million per Bitcoin by 2029 Is Our Base Case”
In a recent and widely discussed statement, Andre Dragosch of Bitwise said:
🟠 “$1 million per Bitcoin by 2029 is our base case.”
This is not a sensational headline, but a base-case scenario grounded in macroeconomic data, Bitcoin’s supply–demand dynamics, and its evolving role in the global financial system.
- Bitcoin is shifting roles: from speculation to macro asset
Bitcoin is no longer just a high-risk speculative trade. In an environment of:
Persistent fiat inflation
Exploding global sovereign debt
Declining trust in traditional monetary systems
Bitcoin is increasingly viewed as:
Digital gold
A long-term hedge
A global store-of-value infrastructure
- Fixed supply, accelerating institutional demand
Bitcoin’s supply is capped at 21 million coins, while:
Spot Bitcoin ETFs have unlocked institutional capital
Corporations, funds, and banks are beginning to accumulate BTC as a reserve asset
A new generation of investors prefers digital assets over physical gold
As demand rises and supply remains inelastic, price has only one long-term direction: higher.
- Why $1 million is not a fantasy
If Bitcoin captures even a portion of:
The global gold market
Sovereign and institutional hedge allocations
Global store-of-value capital
Then $1 million per BTC becomes not a “bull case,” but a reasonable structural outcome over the next 5–10 years.
- The real question isn’t “when,” but “where you stand”
Bitcoin’s history shows:
Winners are not the most active traders
They are those who understand early, hold through cycles, and stay patient
As Andre Dragosch suggests, the market may still be underpricing the structural transformation Bitcoin represents.
Bitcoin is not just an investment.
It is a monetary re-pricing event.
🟠 $1 million per Bitcoin may no longer be a question of “if,” but “when” — and who has the conviction to stay in the game.
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