• Crypto & Funx
• 10 Feb, 2025

Cathie Wood and Michael Saylor both predict Bitcoin could hit $1 million by 2030, citing inflation hedges.

Chamath Palihapitiya and Robert Kiyosaki forecast $500,000–$1 million Bitcoin, driven by economic instability and inflation.

Tim Draper and the Winklevoss twins see Bitcoin at $250,000–$500,000 soon, due to rising institutional and mainstream adoption.

Bitcoin has kicked off 2024 with impressive momentum, capturing the attention of crypto enthusiasts worldwide. As of October 30, BTC is valued at $72,400, boasting a market capitalization of $1.33 trillion. That marks a 1.80% increase in the last 24 hours, a 7.70% rise over the past week, and a substantial 12% climb in the last month, to TradingView.

Source: TradingView

The leading cryptocurrency has weathered a challenging year, losing around 65% of its market value. Events like the Terra Luna crash, the decline of FTX, macroeconomic pressures, and legal issues surrounding Binance contributed to this downturn. Despite these setbacks, Bitcoin demonstrated resilience by recovering significantly towards the end of the year.

Bitcoin’s Record Highs and Resilient Market Trends in 2024

In March 2024, Bitcoin shattered its previous all-time high of $69,170, reaching $70,083 on the 8th. Just six days later, on March 14, it surged further to $73,750. This spike pushed Bitcoin’s market capitalization to $1.44 trillion, contributing to a total crypto market cap of $2.77 trillion. Such growth highlights Bitcoin’s strong performance amidst a recovering market.

Following these peaks, Bitcoin experienced a bearish trend after crossing the $31,000 mark, dipping below $30,000 for much of the past year. However, the latter months saw a remarkable recovery, with BTC increasing approximately 140.82% over the year. By mid-October, it was trading at $67,129, with the global cryptocurrency market valued at $2.3 trillion.

Cryptocurrency experts remain optimistic that maintaining a $30,000 level could facilitate further recovery. In April 2023, Bitcoin touched the critical $30,000 resistance for the first time since June 2022 before dropping below $26,000. It later surged to $45,203 post-May 2022.

Experts believe that sustaining above $45,000 could see Bitcoin reach $60,000 by the end of 2024. During the first quarter of the year, BTC reached $73,750, setting a new all-time high.

Investor caution remains high due to past volatility. India’s regulatory stance has been firm, with the government classifying all crypto transactions under the Prevention of Money Laundering Act (PMLA). The Union Finance Ministry of India declared that digital asset transactions fall within PMLA’s scope. While this move might seem restrictive, the crypto industry views it as a step towards necessary regulation, ensuring better oversight and reducing discrepancies.

Spot Bitcoin ETFs have played a crucial role in Bitcoin’s growth. The SEC’s approval of these ETFs in the US sparked significant interest from retail investors, pushing Bitcoin beyond its previous highs.

By the end of September, following a 50 basis point rate cut by the US Federal Reserve and steady rates from the Bank of Japan, BTC was trading around $67,000. Bitcoin saw a 3% rise shortly after these central bank announcements.

Bitcoin’s 2024 Halving Spurs Accumulation

2024 marked Bitcoin’s fourth , reducing miner rewards to 3.125 BTC. Traditionally, halving events are positive for Bitcoin’s price due to decreased supply. However, this year’s halving did not trigger the expected surge, and Bitcoin has since faced a downtrend. Historically, halvings have provided long-term bullish momentum, reinforcing Bitcoin’s deflationary nature and limited supply.

Large investors, or “Bitcoin Whales”, have begun accumulating Bitcoin again. As of October 2024, whales hold 248.60K BTC, according to CoinMarketCap data. This accumulation is likely to support Bitcoin price, contributing to its upward trajectory. With approximately 19.74 million BTC in circulation, the supply remains constrained, further enhancing Bitcoin’s value proposition.

Sathvik Vishwanath, CEO of Unocoin, highlights Bitcoin’s cyclical nature and historical trends, suggesting potential year-end growth. He notes average gains of 26% in October, 36% in November, and 11% in December based on past performance. Vishwanath adds that “lower interest rates drive investors to high-growth assets like BTC, which benefit from a weaker US dollar”.

While past performance is no guarantee, Bitcoin’s fundamentals remain strong, making long-term appreciation likely. Volatility may persist, but Bitcoin below $100,000 will likely be history soon.” As of October 30, BTC stands at $72,400 with a market cap of $1.43 trillion. The halving event, completed at block height 840,000, continues to influence Bitcoin’s monetary policy by restricting supply growth.

What Experts Say about Bitcoin’s Future

Himanshu Maradiya, the founder of CIFDAQ Blockchain, acknowledges the ambitious nature of predicting Bitcoin to reach $1,000,000 by 2025. He states:

“While predicting Bitcoin will reach $1,000,000 by 2025 might seem overly optimistic, several factors make such a scenario plausible — the increasing adoption of Bitcoin, various countries approving BTC ETF, the weakening of traditional fiat currencies due to hyperinflation, and the rising profitability for BTC miners are key drivers that could significantly boost its value.”

“While predicting Bitcoin will reach $1,000,000 by 2025 might seem overly optimistic, several factors make such a scenario plausible — the increasing adoption of Bitcoin, various countries approving BTC ETF, the weakening of traditional fiat currencies due to hyperinflation, and the rising profitability for BTC miners are key drivers that could significantly boost its value.”

Similarly, MicroStrategy CEO , a strong advocate for Bitcoin, asserts a $1 million valuation is likely, positioning it as a superior store of value compared to fiat currencies and even gold. He emphasizes Bitcoin’s unmatched stability in preserving wealth, particularly in uncertain economic climates, which enhances its appeal among large investors.

Source: TradingView

Venture capitalist Chamath Palihapitiya shares this view, attributing his $1 million forecast to Bitcoin’s ability to function as a hedge against global economic instability. He points to its unique qualities that protect against risks in traditional financial systems, expecting Bitcoin’s role to strengthen as economies face mounting pressures.

Others like Robert Kiyosaki and Mike Novogratz predict more moderate but still impressive targets. Kiyosaki projects $500,000 by 2025, driven by rising inflation and weakening fiat currencies. Novogratz aligns with a similar figure, foreseeing $500,000 within three years, fueled by Bitcoin’s capped supply and growing user adoption.

Meanwhile, the Winklevoss twins and Tim Draper support substantial growth, with Draper setting a target of $250,000 by 2024, underscoring Bitcoin’s increasing acceptance as both a financial asset and a mainstream technology.

Despite the optimistic outlook, Bitcoin’s history of volatility reminds investors to approach it with caution. Each market cycle has seen downturns followed by recoveries, reinforcing Bitcoin’s resilience. Only time will reveal whether Bitcoin can achieve the extraordinary milestone of $1,000,000 by 2025 or face new challenges.