Bitcoin’s future has always been a hot topic, yet in 2025 the conversation has shifted dramatically. No longer seen as a fringe technology, Bitcoin is increasingly being treated as a legitimate financial asset. The launch of spot Bitcoin ETFs in early 2024 marked a turning point, opening the floodgates for institutional investment. According to Bitwise Asset Management, one of the largest crypto index fund managers with over $5 billion under management, the future could be even more staggering. Their latest forecast suggests that Bitcoin might soar as high as $3 million per coin by 2035 (Bitwise, 2025).
This eye-popping prediction may sound extreme, but when you dig deeper into their reasoning—ranging from institutional adoption and ETF inflows to macroeconomic instability—their logic feels far more grounded than hype-driven. Let’s explore the details.
The Rise of Spot Bitcoin ETFs: Wall Street’s Gateway to Crypto
Before 2024, investing in Bitcoin was cumbersome. Investors had to navigate exchanges, set up digital wallets, and wrestle with price volatility. However, when the SEC approved spot Bitcoin ETFs from giants like BlackRock and Fidelity, everything changed. By mid-2025, these ETFs had already accumulated over $170 billion worth of Bitcoin (AMBCrypto, 2025).
Because institutions now have an easy entry point, adoption has accelerated. Pension funds, hedge funds, and family offices that once dismissed Bitcoin as “digital gambling chips” are now treating it as a serious portfolio hedge. If even a modest 1-5% allocation of the global institutional capital—worth tens of trillions—is funneled into Bitcoin, Bitwise estimates inflows could hit $1-5 trillion over the next decade (InsideBitcoins, 2025).
This shift mirrors the impact of gold ETFs in the early 2000s, which democratized gold access and transformed it into a mainstream investment vehicle.
Bitwise’s Scenarios: From Bearish to Mega-Bullish
Instead of offering a single projection, Bitwise presents three scenarios for Bitcoin by 2035:
- Bear Case: Bitcoin stagnates at around $88,005 per BTC, representing only a 2% CAGR and 2% share of the global store-of-value market (Millionero, 2025). This scenario could unfold if regulations turn hostile or if global markets remain unusually stable.
- Base Case: Bitcoin climbs to $1.3 million, delivering a 28.3% CAGR. In this outlook, Bitcoin secures 25% of the global store-of-value market, projected to expand from $29 trillion today to $92 trillion by 2035 (CoinCentral, 2025).
- Bull Case: Bitcoin rockets to $3 million, representing a 39.4% CAGR and a commanding 50% market share of the global store-of-value sector. For context, that would push Bitcoin’s market cap beyond $60 trillion, eclipsing gold’s valuation many times over (U.Today, 2025).
The scarcity of Bitcoin underpins all three projections. With only 21 million coins ever to exist and about 1.1 million left to be mined, the supply cap creates a textbook case of rising demand meeting finite availability. Combine that with ETF accumulation and halving events every four years, and the long-term supply crunch looks inevitable.
Macro Tailwinds: Debt, Inflation, and Fiat Fatigue
While ETFs drive institutional demand, macroeconomic conditions create even stronger incentives to seek alternatives. The U.S. national debt has ballooned to $36.2 trillion, rising $13 trillion in just five years. Annual interest payments alone have surpassed $952 billion, now exceeding defense spending (CryptoNews, 2025).
As a result, the U.S. dollar’s purchasing power has eroded—$10,000 in 2015 buys only $6,000 worth of goods today. Against this backdrop, Bitcoin’s appeal as a non-sovereign, hard-capped digital asset becomes crystal clear.
Moreover, over 3.68 million Bitcoins are now held by corporations, including U.S.-listed companies and international firms. Governments are also beginning to explore Bitcoin as part of their foreign reserve diversification strategies (Bitwise, 2025).
Risks on the Horizon: Volatility, Regulation, and Competition
Despite the bullish outlook, Bitwise acknowledges risks. The most pressing include:
- Regulatory reversals: Governments could restrict or overtax Bitcoin, slowing institutional adoption.
- Technological shifts: Faster, more scalable blockchains could chip away at Bitcoin’s dominance.
- Volatility: Even with ETF inflows, Bitcoin remains far more volatile than traditional assets.
Skeptics argue that a $60 trillion market cap is wildly ambitious. Yet, it is worth remembering that few believed gold ETFs would reshape global finance back in 2004—until they did.
What This Means for Investors
For everyday investors, the takeaway is not to chase unrealistic numbers but to understand Bitcoin’s evolving role. According to Bitwise, adding a small Bitcoin allocation to a traditional 60/40 portfolio historically improves risk-adjusted returns. Thanks to ETFs, exposure has never been easier.
Still, investors should tread cautiously. While Bitcoin offers potential outsized gains, it is not without risks. The mantra “only invest what you can afford to lose” remains as relevant as ever.
The Road Ahead: From Retail to Institutional Era
Bitwise frames this shift as Bitcoin’s transition from its “retail era” of boom-and-bust speculation to its “institutional era” of steady capital flows. Whether Bitcoin hits $1.3 million or climbs toward $3 million, the bigger story is its evolution from a niche experiment to a cornerstone of global finance.
By 2035, we may not just be asking if Bitcoin will hit $3 million. Instead, the question might be: What role will Bitcoin play in reshaping the world’s financial order?
Final Thoughts
Bitwise’s bold call is not a wild gamble; it is a data-driven, long-term view grounded in institutional adoption, supply dynamics, and global macroeconomic realities. Whether Bitcoin tops $88,000, $1.3 million, or $3 million, its upward trajectory seems baked into the global financial system.
For investors, the message is clear: the Bitcoin conversation has moved far beyond speculation. We are witnessing the gradual, yet powerful, mainstreaming of digital money.
Sources:
- Bitwise Investments. (2025). Bitcoin Long-Term Capital Market Assumptions: 2025
- U.Today. (2025). Bitcoin to $3 Million by 2035? Bitwise Predicts So, But Here’s Huge Risk
- AMBCrypto. (2025). Bitcoin to reach multi-million dollar prices? Bitwise fund makes bullish long-term call
- InsideBitcoins. (2025). BTC To Crush Stocks, Gold, Bonds To 2035, May Hit $3M: Bitwise
- Millionero Magazine. (2025). Bitcoin Price Prediction 2035: Bitwise Forecasts $88K to $3M
- CoinCentral. (2025). Bitcoin (BTC) Price Prediction: Bitwise Predicts $1.3 Million Bitcoin by 2035
- CryptoNews. (2025). Bitcoin Price Prediction: Billion-Dollar Firm Bitwise Says BTC Will Hit $1 Million by 2035
