The idea that Bitcoin could reach one million dollars per unit is speculative, but it is defended by several experts, investors, and Bitcoin supporters. Here are the main arguments put forward to justify this possibility:
1. Limited supply: 21 million bitcoins
The supply of Bitcoin is finite and coded into its protocol: there will never be more than 21 million bitcoins.
This mathematical rarity is often compared to gold, hence the nickname "digital gold".
If demand continues to rise while supply is fixed, the price rises mechanically.
2. Growing institutional demand
More and more investment funds, banks, companies, and governments are interested in or investing in Bitcoin (e.g., BlackRock, MicroStrategy).
The approved Bitcoin Spot ETFs in the United States in 2024 attracted billions of dollars in just a few weeks.
If a significant portion of global institutional capital (even 1 to 5%) turns to Bitcoin, the price could rise drastically.
3. Loss of confidence in fiat currencies (inflation, debt, QE)
Currencies like the dollar or euro are issued without limit, leading to long-term inflation.
Bitcoin is seen as a refuge against the devaluation of fiat currencies, somewhat like gold in the 1970s.
4. Growing adoption as a store of value
In several countries facing monetary crises (Venezuela, Argentina, Lebanon...), Bitcoin is already used as a means of wealth preservation.
If Bitcoin becomes a global store of value, even partially, it gives it a role similar to gold (a $13 trillion market).
5. Network effect and Halvings
The Bitcoin network becomes more robust as it gains users, miners, and applications.
Every 4 years, mining rewards are halved (halving), reducing new supply. Historically, this has preceded significant price increases.
6. Numeric scenarios towards $1M
Here are some theoretical models:
Stock-to-Flow (S2F): a rarity-based model predicts values close to or above $1M after 2028.
If Bitcoin captures even:
10% of the value of gold (≈$1.3 trillion) → BTC ≈ $600,000
5% of global cash reserves → BTC > $1M
Note: this is not guaranteed
The million-dollar scenario is not a certainty.
Many risks could prevent this: regulation, bugs, loss of confidence, better alternatives, etc.
Conclusion
Bitcoin can reach $1 million if:
✅ Global adoption continues,
✅ Institutions invest massively,
✅ Confidence in fiat currencies continues to erode,
✅ And its role as a "digital store of value" becomes widespread.
