Bitwise Forecast: Bitcoin Price to Reach $1.6 Million by 2036

Bitwise Asset Management has predicted that the price of Bitcoin will reach $1.6 million by 2036, which would be 19 times its current levels. Achieving this goal depends on Bitcoin's competition with gold in the asset preservation market. In the base scenario, Bitcoin needs to capture about 25% of its shared market with gold by 2036. The total market value of gold and Bitcoin is expected to rise from $31.1 trillion to $109.8 trillion by 2036. Approximately 82% of the projected value of Bitcoin is related to the asset preservation market. Bitwise also noted an increase in the correlation between Bitcoin and gold. The 90-day correlation between these two assets reached a record of 0.58 and is expected to strengthen as investors become more aware of Bitcoin's role in asset preservation. In a bearish scenario, Bitcoin's share of the asset preservation market is only considered to be 2.5%, and in this case, the price of Bitcoin in 2036 would be around $130,686. Bitwise identifies risks such as advancements in quantum computing and shifts in regulatory policies as potential threats to this forecast.

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