Bitcoin (BTC) Price Prediction: Will BTC Top $1 Million by 2029?

Matt Hougan, the CIO at Bitwise, predicts the Bitcoin price will top $1 million by 2029.

Matt Hougan, the CIO at Bitwise, predicts the Bitcoin price will top $1 million by 2029. In a recent interview with Natalie Brunell, Hougan discussed the ongoing evolution of Bitcoin adoption, particularly within institutional and corporate sectors. He explained that while Bitcoin adoption is still in its early stages, there is notable progress.

On the institutional side, approximately 10-20% of financial advisors are holding Bitcoin for their clients, signaling significant room for growth. However, this progress is slower than anticipated due to challenges in gaining approval from wealth management platforms.

On the corporate front, companies have been hindered by outdated accounting rules but have still managed to acquire substantial amounts of Bitcoin in the past year. This increasing adoption is already outpacing the annual Bitcoin mining rate, suggesting strong future potential.

Hougan also shared insights into Bitwise’s extensive interactions with wealth advisors, noting a shift in discussions since the launch of Bitcoin ETFs. Previously focused on education and understanding, advisors are now more concerned with implementation, such as portfolio allocation, rebalancing and investment strategies.

Despite growing interest, many advisors still cannot recommend Bitcoin to clients, as many wealth management platforms have not approved Bitcoin as an investment option. This is due to decision-making processes involving due diligence committees at the national platform level, where approval can take months.

“The market is underpricing the change in Washington D.C." - @BitwiseInvest CIO Matt @Matt_Hougan

In this new episode:

👨‍💻 A glance at the evolving landscape of institutional and corporate crypto adoption.

🔥🔥🔥 What does this mean for the long-term potential of Bitcoin?

Listen now: https://t.co/67870Z8z7bpic.twitter.com/rYQ98Y4M9b

— Blockchained Podcast (@BlockchainedPod) August 24, 2023

He pointed out that while the SEC’s approval of Bitcoin ETFs was a significant milestone, the real challenge remains in gaining approval from wealth management platforms, where even personal Bitcoin ownership by advisors does not allow them to recommend it to clients.

However, progress is being made, as more senior decision-makers are now involved in these discussions.

On the topic of Bitcoin’s valuation, Hougan explained that Bitcoin is disrupting massive markets such as gold and international transactions. By assessing the size of these markets, Bitcoin’s long-term valuation looks promising.

Hougan expressed confidence that as adoption grows, Bitcoin will continue to increase in value, solidifying its status as a compelling long-term investment.