Bitwise Forecasts Bitcoin Could Hit $1.3 Million by 2035

Quick Breakdown: 

• Bitwise projects Bitcoin could reach $1.3M by 2035, with a bull case of $3M and a bear case of $88K.
• Institutional adoption is driving demand, with ETFs, pensions, and sovereign funds fueling inflows exceeding supply sixfold.
• Bitcoin’s scarcity and inflation-hedge appeal position it as digital gold, with fewer than 1.1M coins left to be mined.

Bitwise Asset Management has projected that Bitcoin could trade as high as $1.3 million per coin by 2035, setting an ambitious base case in its August capital markets assumptions report. The firm, which oversees more than $15 billion in assets, expects an annualized growth rate of 28.3% from the current price of around $112,000.

If the forecast holds, Bitcoin’s market capitalization would reach nearly $28 trillion, more than double the size of the global gold market. Bitwise also outlined alternative scenarios, with a bullish outlook of $3 million per coin and a bearish case of $88,000, highlighting both the upside potential and volatility of the asset.

IMG TXT: Bitwise Forecasts Bitcoin Could Hit $1.3. Source: Bitwise  

Institutional Adoption Driving Growth

A central theme in the report is institutional adoption. Since the approval of U.S. spot Bitcoin exchange-traded funds in early 2024, inflows have accelerated, with institutions now representing more than 75% of Bitcoin trading volume. Bitwise said demand from corporate treasuries, pension funds, and sovereign wealth funds is outstripping new supply by a factor of six.

This shift signals that Bitcoin is moving beyond its speculative label into recognition as a structural asset within traditional finance. The firm noted that these allocations mirror gold’s role in diversified portfolios, but with stronger growth prospects due to Bitcoin’s unique design.

Scarcity and Inflation Hedge Narrative

The report also highlighted Bitcoin’s role as a hedge against inflation. With U.S. debt surging and fiat currencies losing purchasing power, investors are increasingly looking toward hard assets. Bitwise pointed out that $10,000 held in U.S. dollars since 2015 has lost about 40% of its value, whereas Bitcoin’s limited supply strengthens its case as “digital gold.”

Less than 1.1 million Bitcoin remain to be mined, with daily issuance falling to around 450 BTC following the latest halving. Separately, the U.S. Securities and Exchange Commission (SEC) has extended its review of proposed Solana exchange-traded funds from Bitwise and 21Shares. The decision deadline, originally set for August 17, has been pushed back to October 16, 2025.

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