Things are indeed looking bright for Bitcoin. Two weeks ago, BetOnline had a total of US$100,000.50 on their financial odds board for the price of BTC at the end of 2025; that over/under now sits at $110,000.50 as we go to press, with each side still priced at -120.
The excitement is understandable, especially with Bitcoin jumping from around $94K to $97K over the past 24 hours. But why stop at six figures? According to at least one industry expert, the price of BTC is headed for (obligatory Dr. Evil impression) $1 million. Let’s see if said expert is crazy or not.
Who Is This Guy?
Say hello to Andre Dragosch. He’s the head of European research for Bitwise Asset Management, the “largest crypto index fund manager in America” (by Assets Under Management, or AUM, as of the end of 2024) according to their website.
On May 1, Dragosch appeared on Cointelegraph’s Chain Reaction X show and said the following:
“Our in-house prediction is $1 million by 2029. So that Bitcoin will match gold’s market cap and total addressable market by 2029.”
That’s certainly an eye-opener. At press time, gold has by far the largest market capitalization of any asset at $22.8 trillion (as per CompaniesMarketCap), ahead of second-place Microsoft at $3.23 T; Bitcoin is sixth overall at $1.92 T. That difference is indeed pretty close to the 10x that BTC would have to increase by to reach seven figures. It could happen.
How Can Bitcoin Reach $1 Million?
I’ve got three words for ya: supply and demand. Bitcoin is getting very close to its maximum supply of 21 million coins – some 19.8 million had already been minted by the end of 2024 – and there’s another halving on the horizon in 2028. BTC might not even make it all the way to 21 million, thanks to rounding errors and the combination of increasing expenses and capped rewards for mining.
Meanwhile, cryptocurrency adoption is exploding under the Trump Administration. Much of this is happening outside the Bitcoin realm, as the Trump family continues to profit heavily from meme coins and stablecoins through its World Liberty Financial venture. But the overall push for deregulating crypto is indeed speeding up adoption of BTC.
We might even see the U.S. federal government invest directly in Bitcoin this year. President Trump announced the Strategic Bitcoin Reserve in March 2025; that fund held about 200,000 BTC in its early days, but the government is reportedly looking to invest more by selling off some of their U.S. gold reserves – and by re-valuing U.S. Treasury gold certificates so they reflect the current price of around $3,400 per ounce. Many of those certificates are so old, they still have gold pegged at its former fixed price of around $43/oz.
Is Anyone Else Targeting $1 Million for Bitcoin?
Most definitely. After Dragosch weighed in with his forecast, the media floodgates opened; this past Tuesday, for example, Binance co-founder Changpeng Zhao (as a Chinese-born Canadian, “CZ” prefers using his family name last) went on the Rug Radio YouTube channel and made the same $1-million claim.
This has been happening for a while, though. Zhao made the same forecast earlier this year at a crypto event in Lahore, where he acts as a strategic advisor for the Pakistan Crypto Council. And the investment firm Bernstein had their $1-million target up on the board last year, although their forecast says it will happen by 2033.
In the shorter term, there appears to be a consensus building that Bitcoin will reach $200K by the end of 2025. This is consistent with the chatter surrounding the most recent halving event on April 19, 2024. It’s entirely reasonable to treat that $1-million figure as marketing mumbo-jumbo, but if you’re looking for a decent crypto betting opportunity, and you don’t mind how volatile things are getting, Over $110,000.50 should still have some value.
