Can Bitcoin hit $1 million?

The price of Bitcoin surprised many investors in 2024. The world’s leading crypto blew past $100,000 for the first time in December after Donald Trump secured the US presidency.

Naturally, investors are trying to chart Bitcoin’s future potential. With the $100,000 milestone already reached, the next whole number people are eyeing is $1 million.

The jump from $100,000 to $1 million seems daunting, but experts say it’s only a matter of time before BTC is worth that much.

How much will Bitcoin be worth in 2025?

2025 is expected to be an extremely bullish year for the cryptocurrency sector. A pro-crypto Trump administration, growing institutional adoption, and lower interest rates are forecast to send Bitcoin and other crypto prices higher.

However, even the most bullish forecasts suggest a $1 million BTC is highly unlikely this year.

As Investors Observer noted, major banks and financial experts expect Bitcoin’s price to peak somewhere between $173,000 and $500,000 this year. Based on these forecasts, the BTC price could rise between 82% and 426% from current levels.

A major catalyst for Bitcoin’s continued rally this year will be inflows into the 11 spot exchange-traded funds (ETFs) that were approved by U.S. regulators last year. These Bitcoin ETFs reached a staggering $100 billion in assets under management in 2024.

According to Galaxy Digital, the Bitcoin ETFs will surpass $250 billion in assets in 2025.

Meanwhile, corporate investments in Bitcoin will continue to skyrocket, potentially doubling to $50 billion this year, according to Bernstein Research.

When will Bitcoin hit $1 million?

If Bitcoin were to ever reach $1 million a coin, its market capitalization would rise to nearly $20 trillion. That’s bigger than Apple, Nvidia, Microsoft, Alphabet, Amazon, Meta Platforms, and Tesla combined.

Bitcoin’s ability to reach this lofty target depends on several factors, including continued adoption, favorable policies, and its emerging role as digital money.

According to Cathie Wood of Ark Invest, Bitcoin could surpass the $1 million milestone by 2030.

“We have a 2030 target. In our base case, it’s around $650,000, and in our bull case, it’s between $1 million and $1.5 million,” Wood said.

By then, Bitcoin will likely have matured into an entire asset class, forcing institutional investors to treat it like any other portfolio asset.

“Institutions and asset allocators are saying, ‘Wait a minute, this asset is behaving differently from all of our other assets; we need to include it.’ So I think that’s the next big move,” said Wood.

Rich Dad, Poor Dad author Robert Kiyosaki also believes in a $1 million BTC by 2030 but gave different reasons than Wood.

For Kiyosaki, Bitcoin’s rally will be driven by advancements in artificial intelligence. Investors who aren’t prepared for this will end up much poorer in the long run.

“AI is going to shake up the world of money,” Kiyosaki predicted. In this environment, Bitcoin will emerge as “real money” that replaces the “fake money” like the U.S. dollar or euro.

For Bernstein analysts Gautam Chhugani and Mahika Sapra, BTC’s ascent to $1 million will take a little longer, perhaps until 2033.

In their view, Bitcoin’s massive rally will be driven by ETF demand as investors shift from physical gold to “digital gold.” The Bernstein analysts estimate that Bitcoin will account for 15% of the “digital gold” demand in eight years’ time.

Financial analyst Lyn Alden has also given a more measured outlook on Bitcoin’s $1 million price tag. In her view, “2030 is a little bit aggressive” and 2035 is more likely.

“A million-dollar Bitcoin is in the cards,” she said. “I do think that’s a level that would make sense for Bitcoin to eventually get to if it continues to be the global leader in digital money and a portable store of value.”

Like Alden, many industry voices believe a $1 million BTC “is in the cards” eventually, but haven’t given an exact date.

Venture capitalist Chamath Palihapitiya, Kraken co-founder Jesse Powell, and Morgan Creek Digital co-founder Anthony Pompliano have all predicted Bitcoin will reach $1 million in the long term.

There will only ever be 21 million Bitcoin

At the heart of Bitcoin’s value proposition is its finite supply. Unlike dollars, euros, and yuans, there will only ever be 21 million Bitcoins, and it’ll take more than 100 years for the final coin to be mined.

Unlike fiat currencies, the Bitcoin network can’t print unlimited coins. This makes Bitcoin scarce and immune to the risks of inflation caused by massive money printing.

Economics 101 states that a scarce asset increases in value when its demand grows. As more people, institutions, and companies adopt Bitcoin, its limited supply ensures that it will remain a valuable asset.

Financial analyst Scott Bauer explained the relationship between Bitcoin’s scarcity and value, pointing to the shrinking new supply of BTC.

“When Bitcoin was created, its code capped it at a fixed amount—only 21 million Bitcoin can ever be produced,” said Bauer.

“Over 19 million have already been mined meaning that the supply of Bitcoin is getting smaller. While the number of new Bitcoin entering circulation keeps shrinking, demand should, in theory, stay the same,” he said.

Some Bitcoin proponents claim that the network’s fixed supply and rising value will eventually create competition among nations to accumulate the asset.

Journalist and early Bitcoin adopter Max Keiser called this a “global Bitcoin arms race,” which began in 2021 when El Salvador started adding BTC to its national reserves.

El Salvador now holds more than 6,000 BTC valued at nearly 600 million.

The small South Asian country of Bhutan has also acquired Bitcoin for its reserves, holding more than 13,000 BTC worth more than $1 billion.

Calls for a national Bitcoin reserve have grown louder in the United States since the election of Donald Trump. On the campaign trail, Trump promised to secure America’s leadership in digital assets by establishing a Strategic Bitcoin Reserve.

Senator Cynthia Lummis of Wyoming has already introduced the Bitcoin Act of 2024, which “directs [the] Treasury to establish a Strategic Bitcoin Reserve for the storage of U.S. Bitcoins.”

According to the bill, the Treasury must purchase one million BTC over a five-year period and hold the assets for a minimum of 20 years.

Bitcoin Magazine CEO David Bailey said the U.S. isn’t the only country itching to buy BTC. Bailey has hinted at oil-rich Gulf countries acquiring BTC or creating initiatives to mine the digital asset.