Community Trust ScoreVerified
Crypto asset manager Bitwise has issued one of the boldest long-term forecasts for Bitcoin to date, suggesting the world’s leading cryptocurrency could trade between $88,000 and nearly $3 million by 2035. The projection is part of Bitwise’s newly released “Long-Term Capital Market Assumptions” report, which compares Bitcoin’s growth outlook to traditional assets like equities, bonds, and gold.
Multiple Scenarios: From $88K to Nearly $3M
Bitwise’s analysts presented three potential price paths for Bitcoin over the next decade:
-
Base Case: $1.3 million by 2035, supported by a 28.3% compound annual growth rate (CAGR).
-
Bullish Case: $2.97 million by 2035, assuming a stronger 39.4% CAGR.
-
Bearish Case: $88,005 by 2035, with just a 2% CAGR.
This wide range highlights the asset’s volatility but also reflects its maturing market. Unlike its early years, Bitcoin trading is now heavily shaped by large institutions rather than retail investors.
Institutional Flows Now Define Bitcoin’s Market
Bitwise Chief Investment Officer Matt Hougan emphasized that institutional investors are now the dominant force in Bitcoin’s price movements. Data shows that over 75% of trading volume on Coinbase is driven by institutions.
This institutional demand frequently surpasses supply. For example, institutions have withdrawn up to 2,500 BTC from exchanges within just two days, compared to miners generating only 450 BTC per day.
Corporate adoption also continues to accelerate. As of Q2 2025, 35 publicly traded companies hold more than 1,000 BTC each, compared to 24 at the end of Q1. Strategy Inc. (formerly MicroStrategy) remains the largest corporate holder, with more than 632,000 BTC and unrealized gains exceeding $25 billion.
Scarcity and Macro Pressures Create a “Perfect Storm”
Bitwise’s forecast is anchored in Bitcoin’s supply dynamics. With 94.8% of total BTC already in circulation, new issuance is becoming increasingly scarce. Annual issuance is projected to fall from 0.8% today to just 0.2% by 2032.
Long-term holders are further tightening supply, with around 70% of Bitcoin unmoved for over a year. This highlights investor conviction in BTC’s role as a long-term asset.
At the same time, rising macroeconomic pressures are bolstering Bitcoin’s case as a hedge against traditional financial risks. U.S. debt has surged to $36.2 trillion, with annual interest payments nearing $1 trillion. As governments face growing fiscal strains, the case for Bitcoin as a hedge against fiat debasement strengthens.
A Decade of Price Discovery
Bitwise concluded that Bitcoin’s unique supply structure, combined with increasing global demand, positions it for extraordinary long-term growth.
“Inelastic supply, combined with exponential demand growth, is the single most important driver of Bitcoin’s long-term trajectory,” the firm stated.
If the base-case scenario of $1.3 million per BTC by 2035 plays out, Bitcoin will transition from a speculative asset to a dominant store of value rivaling gold and traditional investments. In the bullish case, its rise to nearly $3 million per BTC would redefine it as one of the world’s most valuable asset classes.
