Bitwise: Bitcoin Will Hit $1.3 Million by 2035
Bitwise Asset Management has released new projections for Bitcoin, setting a long-term price target of $1.3 million by 2035. The forecast is based on institutional demand and bitcoin’s fixed supply, which the firm says could drive a compound annual growth rate of 28.3% over the next decade.
This would far exceed traditional assets such as equities, bonds, or gold. In its bullish scenario, bitcoin could climb as high as $2.97 million, while its bearish case points to $88,005, underscoring the volatility that remains despite growing institutional participation.
Institutional flows redefine the market
Bitwise analysts, led by Chief Investment Officer Matt Hougan, argue that Bitcoin has shifted from a retail-driven asset to one dominated by institutional flows. Over 75% of bitcoin trading on Coinbase now comes from institutions, a level historically linked with large price movements.
Demand from these investors is currently outstripping mining production by up to six times, creating a sharp supply imbalance. Corporate adoption also continues to grow, with 35 public companies now holding at least 1,000 BTC each, compared to 24 earlier this year.
Collectively, corporate purchases rose 35% quarter-over-quarter in Q2 2025. Strategy (formerly MicroStrategy) remains the largest corporate holder, accumulating over 632,457 BTC worth more than $71 billion, representing $25 billion in unrealized gains.
Scarcity and macroeconomic tailwinds
With nearly 95% of bitcoin already in circulation and issuance projected to drop to just 0.2% by 2032, Bitwise stresses that supply cannot expand to meet rising demand. “The inelastic supply of Bitcoin, combined with continued demand growth, is the single most important driver of our long-term assumptions,” the firm stated.
Around 70% of bitcoin supply has remained untouched for at least a year, pointing to strong holding behavior. Meanwhile, macroeconomic pressures such as mounting U.S. federal debt — which has grown by $13 trillion in five years to $36.2 trillion — and rising interest payments are fueling concerns over fiat currency debasement.
These dynamics, combined with institutional accumulation and limited new supply, create what analysts call a “perfect storm” for Bitcoin’s long-term appreciation. Miners now produce only 450 BTC daily, while institutions have been withdrawing more than 2,500 BTC over 48-hour periods, signaling intense upward pressure on price discovery in the years ahead.
Sources:
https://cointelegraph.com/news/dollar1-3m-bitcoin-by-2035-bitwise-thinks-so