Experts in the crypto industry believe Bitcoin might reach $1 million by 2029, primarily due to its limited supply and ongoing demand from institutions and investors. The essential takeaway is that Bitcoin’s scarcity is expected to drive prices up as larger players accumulate the asset. However, future regulations and market liquidity may pose significant risks that investors need to consider.
Bitcoin (BTC) is riding a wave of optimism as some crypto experts now suggest it could hit $1 million by 2029. This prediction, made by Bitwise Asset Management’s Andre Dragosch, hinges on the notion that the cryptocurrency’s scarcity will increase over time. Currently priced near $95,000, many believe that a steady influx of capital from investors and institutions will further drive the price upward.
A key factor driving this belief is the limited supply dictated by Bitcoin’s protocol—only 21 million coins will ever exist. So far, approximately 94% of those coins have already been mined. As per the latest halving in April 2024, only 450 new bitcoins will be created each day, a figure that might mislead prospective buyers as about 20% of all bitcoins are presumed lost or inaccessible due to wallet credential losses.
With major players—corporate treasuries, asset managers, and potentially government entities—charging into the market, the actual available supply is shrinking. Notably, most large holders aren’t showing any interest in selling. This reduced circulating supply is crucial because it’s the float that actually influences market prices; fewer sellers can mean higher prices as buyers compete to secure their assets. As time goes on, Bitcoin’s resemblance to a finite commodity like gold is becoming increasingly noticeable.
Now, if Bitcoin can maintain its demand, the conditions are there for price growth, especially if demand begins to outstrip supply. Many experts agree that a surge in demand could make a $1 million valuation not just a distant dream, but rather a likely scenario.
However, it’s essential to approach such ambitious price targets with caution. Often, discussions around soaring prices can drift into promotional territory, where insiders may be more keen to stir interest than to present cold hard analysis. Sure, a million might be an enticing number, but it’s the upward trajectory that really counts.
Coupled with another halving event expected in 2028, Bitcoin’s price may indeed continue to climb. With more institutional and individual investors likely to keep buying into Bitcoin, a situation where sellers don’t outnumber buyers could emerge—thus pushing prices even higher over time.
That being said, there are several uncertainties that could derail this optimistic outlook. Regulatory backtracking or tightening could stifle adoption, while a reduction in global liquidity might similarly destabilize prices. Such factors mean anyone contemplating an investment should adopt a long-hold strategy. Those looking at Bitcoin are better off focusing on its long-term appreciation rather than obsessing over that million-dollar target—which, though tantalizing, is still speculative.
