Bitcoin’s price has always been a rollercoaster, but when a seasoned crypto commentator like Udi Wertheimer says it could soar to $400,000 by the end of 2025, heads turn. In an exclusive Cointelegraph interview, Wertheimer, a Bitcoin OG and advocate, laid out a bold thesis: a new breed of Bitcoin buyers—ones who “never sell”—is reshaping the market, potentially driving BTC to dizzying heights. With Bitcoin already up over 25% year-to-date in 2025, is this the start of a “generational” bull run, or is it just another crypto pipe dream? Let’s dive into Wertheimer’s argument and what it means for the future of Bitcoin.
A New Era of Bitcoin Buyers
Wertheimer’s big idea centers on what he calls a “great rotation” in Bitcoin ownership. For years, Bitcoin’s market was dominated by early adopters—think “HODLers” who bought in during the 2010s and held through wild price swings. These folks, often called “Bitcoin maxis,” have been gradually selling off their holdings, either to cash out or to diversify into altcoins like Ethereum or Solana. But now, a new class of buyers is stepping in, and they’re not your average traders. These are institutional heavyweights—think spot Bitcoin ETF investors, corporate treasuries like MicroStrategy, and even nation-states—who are snapping up BTC with a long-term mindset.
What makes these buyers different? They’re what Wertheimer calls “forced buyers.” Unlike retail investors who might sell at the first sign of a dip, these institutions are structurally committed to holding Bitcoin. Take MicroStrategy’s Michael Saylor, for example. His company has bet its entire valuation on Bitcoin, raising capital to buy more no matter the price. “If Saylor stops buying Bitcoin for a sustained period of time, his company loses all of its value,” Wertheimer explains. This creates a relentless demand that’s unlike anything Bitcoin has seen before.
The Dogecoin Playbook: A Surprising Parallel
To explain how this could lead to a $400K Bitcoin, Wertheimer draws a wild but compelling analogy to Dogecoin’s 2020–2021 bull run. Back then, Dogecoin went from fractions of a cent to $0.70—a 200x surge—driven by a two-phase dynamic. First, early holders sold off their coins, thinking they’d cashed out at the top. Then, a wave of new retail buyers, fueled by social media hype and figures like Elon Musk, flooded in, creating a supply shock that sent prices soaring. Wertheimer sees Bitcoin in a similar “first mindfuck” phase, where old holders are selling to institutions who don’t care about past price ceilings. Once this legacy supply dries up, he predicts a second phase—an explosive rally driven by insatiable institutional demand.
It’s a bold comparison, given Dogecoin’s meme-coin roots, but the logic holds: when supply gets tight and demand keeps growing, prices can move in ways that defy expectations. Bitcoin’s fixed supply of 21 million coins only amplifies this effect. As Wertheimer puts it, “Wall Street bought all of our Bitcoin. We didn’t notice.”
The Supply Crunch That Could Ignite the Rally
At the heart of Wertheimer’s $400K prediction is a looming supply crunch. With old holders rotating out and institutions hoovering up coins, the amount of Bitcoin available on the market is shrinking. Spot Bitcoin ETFs, like BlackRock’s IBIT, are a prime example. These funds have seen massive inflows, with investors treating Bitcoin as a long-term asset rather than a quick trade. Unlike retail investors who might panic-sell during a dip, these institutions see Bitcoin’s current price—around $118,686 as of August 2025—as a bargain. To them, a jump from $110,000 to $400,000 isn’t a bubble; it’s just the cost of entry into a new asset class.
Add to that Bitcoin’s halving cycle, which cuts the supply of new coins every four years, and you’ve got a recipe for scarcity. The most recent halving in April 2024 reduced miner rewards, tightening the flow of new Bitcoin. Combine this with institutional buying, and Wertheimer argues we’re at the “tail end of old holders rotating out,” setting the stage for a price surge that could make past rallies look tame.
Why Altcoins Might Get Left Behind
Wertheimer’s thesis isn’t all rosy for the crypto market. He’s bearish on altcoins, especially Ethereum, which he calls “the biggest loser of this cycle.” Why? Because early Ethereum holders are still offloading their coins, capping its upside, while Bitcoin’s new buyers are laser-focused on BTC. He even suggests that MicroStrategy’s market cap could surpass Ethereum’s, a sign of Bitcoin’s dominance. This view challenges the idea of an “altcoin season,” where smaller coins typically rally alongside Bitcoin. If Wertheimer’s right, the flood of institutional capital into Bitcoin could starve other projects of momentum.
The Risks and Skeptics
Not everyone’s buying Wertheimer’s $400K call. Some point out that Bitcoin’s volatility makes such predictions dicey. A Polymarket bet recently showed a 53% chance of Bitcoin dipping below $100,000 before 2026, reflecting skepticism about a straight shot to the moon. Others worry about the risks of “forced buyers” like MicroStrategy, whose leveraged strategies could backfire if Bitcoin’s price stalls. If these companies face financial strain, they might become forced sellers, triggering a cascade of liquidations.
Still, Wertheimer argues the risks are overstated. He sees the institutional shift as a structural change, not a bubble. The growing interest from firms like BlackRock and Fidelity, coupled with macroeconomic factors like Bitcoin’s appeal as “digital gold,” supports his bullish outlook.
The Road to $400K: What to Watch
So, what would it take for Bitcoin to hit $400,000 by year-end? Wertheimer points to a few catalysts: continued ETF inflows, more corporate treasuries adopting Bitcoin, and even nation-states entering the fray. Posts on X echo this optimism, with some citing Michael Saylor’s claim that banks recommending Bitcoin could push it to $10 million per coin someday. While that’s far off, the sentiment shows how institutional adoption is shifting perceptions.
For now, Bitcoin’s recent breakout above $119,000 signals bullish momentum. Technical analysts like Matthew Hyland have noted Bitcoin retesting key levels around $110,000–$112,000, scaring off retail investors but setting up for a potential leg up. If Wertheimer’s supply crunch materializes, these levels could soon look like a distant memory.
A Call to Action for Investors
Wertheimer’s message is clear: don’t wait for a dip. With institutions gobbling up Bitcoin, he warns that “waiting for significant price dips is a futile strategy.” His advice? “Buy some Bitcoin before there isn’t any left.” It’s a provocative call, but it resonates in a market where Wall Street’s appetite for BTC seems insatiable. Whether $ affair, one thing’s certain: Bitcoin’s story is far from over, and the next chapter could be its wildest yet.
Sources:
- Cointelegraph, “How Bitcoin could hit $400K by year-end, according to Udi Wertheimer,” August 15, 2025.
- Benzinga, “Bitcoin Advocate Says BTC Will Emulate 2021 Dogecoin Run,” July 15, 2025.
- Elevenews, “Expert Reveals Why a $400K Bitcoin Rally Is Unstoppable,” July 16, 2025.
- Unchained, “Udi Wertheimer on Why Bitcoin Could Reach $400,000 by Year’s End,” July 22, 2025.
- 币界网, “Udi Wertheimer on Why Bitcoin Could Reach $400,000 by Year’s End,” 2025.
- X post by @rovercrc, August 4, 2025.
- X post by @Cointelegraph, August 10, 2025.
- X post by @MatthewHyland_, August 1, 2025.
