Bitwise Asset Management raised its long-term Bitcoin price projection to $1.6 million by 2036, up from $1.3 million previously. The scenario assumes 34.3% annualized growth, driven by institutional allocations, demand for scarce assets and constrained new issuance. A hypothetical 1% to 5% allocation by institutions to portfolios valued at around $147 trillion could generate between $1.5 trillion and $7 trillion in additional demand. Bitwise also argues that Bitcoin’s characteristic four-year cycles could moderate as institutional adoption increases, while still expecting volatility to persist. The next steps involve examining institutional ownership data, ETF flows and corporate treasury disclosures to determine whether the model’s assumptions are holding.
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