Bitcoin is currently trading at approximately $96,805, reflecting a 3.1% increase from the previous close. The intraday high and low are $96,805 and $93,696, respectively.
Financial experts are projecting that Bitcoin could reach $1 million by 2029, potentially surpassing gold's market capitalization of $21.7 trillion. This optimistic forecast is primarily attributed to increasing institutional adoption and potential government involvement. For instance, Bitwise's head of European research, André Dragosch, suggests that Bitcoin's expanding institutional adoption could provide the necessary structural inflows to push its price beyond $1 million by 2029.
Additionally, the performance of U.S.-based spot Bitcoin exchange-traded funds (ETFs) has exceeded expectations during their first year of trading. BlackRock’s iShares Bitcoin Trust ETF, for example, became the fastest-growing ETF in history, indicating that the second and third years could see growing inflows.
These developments suggest a bullish outlook for Bitcoin, with structural inflows from ETFs and potential governmental adoption acting as significant catalysts for its projected growth.
