2025-02-06T10:20:29.539+02:00
Thursday, 06/02/2025 | 08:20 GMT by
Damian Chmiel
- Bitcoin could reach $1M by 2030 if institutional adoption accelerates and it rivals gold as a store of value.
- Analysts see a low chance of Bitcoin hitting $1M this year unless a U.S. Bitcoin reserve is established.
Will Bitcoin price reach $1 million?
The
cryptocurrency market could see Bitcoin (BTC) price reach an unprecedented
milestone of $1 million per coin by 2030, potentially matching gold’s current
market capitalization of $19.3 trillion, according to a bold prediction from a
prominent tech executive.
Bitcoin Could Hit $1
Million by 2030, Tech CEO Predicts
Daniel Roberts, Founder and CEO of IREN
Daniel
Roberts, founder and CEO of publicly-listed Wall Street Bitcoin miner IREN
(NASDAQ: IREN),
argues that Bitcoin’s superior characteristics as a digital store of value,
combined with increasing institutional adoption, could drive the
cryptocurrency’s value to new heights.
“If you
consider Bitcoin’s historical price trajectory, I’d be surprised if we’re not
at a $1 million by 2030 given the traction of ETFs and institutional buying now,”
Roberts forecasted, quoted by Livewire Markets.
The
cryptocurrency, currently trading around $100,000, has already posted a 120%
gain over the past year, outperforming traditional assets as Wall Street giants
increasingly embrace digital currencies.
Current price of Bitcoin. Source: CoinMarketCap.com
Why Bitcoin Could Leave
Gold in the Dust
Roberts, a
former Macquarie banker, also draws a stark comparison
between Bitcoin and gold, likening the relationship to “digital versus
analog” or “Netflix versus Blockbuster.”
“Bitcoin’s
better at being gold, than gold is,” Richardson stated. “It’s scarcer, easier
to transfer, and easier to divide. So, all those characteristics that give gold
value, Bitcoin is objectively better at.”
Meanwhile,
gold recently reached a record high of $2,840 per ounce, driven by inflationary
concerns and increased physical demand, as evidenced by record COMEX futures
trading volumes for February 2025.
Bitcoin prive vs. gold price. Source: Tradingview.com
IREN vs. Bitcoin
Richardson’s
company, IREN, which operates data centers for Bitcoin mining and AI services,
has attracted investments from major financial institutions including Fidelity,
Invesco, and Citadel.
Although
mining company stocks are considered an indirect exposure to Bitcoin for
investors, the shares of the former Iris Energy have not surged as dynamically
as the world’s oldest cryptocurrency. In 2024, they gained 37%, but currently,
they are up by just under 13%.
IREN, like the entire
cryptocurrency industry, is facing challenges. Record-high BTC prices come
with rapidly increasing mining difficulty , driving up the cost of producing a
single Bitcoin. Companies are able to mine less due to the rising hash rate,
while higher maintenance costs eat into their margins.
IREN’s
struggles became evident in mid-2023 when the company reported
a $29 million loss. While this marked a sixfold reduction in debt from the
$172 million reported a year earlier, it highlights the difficulties of the
crypto mining business.
In
response, the company has decided to
join the growing AI trend by repurposing its data centers to support
high-performance computing. However, it has faced a
class-action lawsuit alleging that it misrepresented its capabilities and
future prospects to investors.
Will Bitcoin Hit $1
Million? Experts Prediction 2025 and Beyond
The
prospect of Bitcoin hitting the highly anticipated $1 million mark remains a
topic of intense speculation. According to Jeff Park, Head of Alpha Strategies
at Bitwise Asset Management, one
key catalyst could propel Bitcoin to this milestone: the establishment of a
U.S. government-backed Bitcoin Strategic Reserve. However, the likelihood
of such an initiative materializing in 2025 is estimated to be less than 10%.
“The idea
of a federal Bitcoin Strategic Reserve happening in 2025 is less than a 10%
chance event,” Park commented on X (formerly Twitter). “That’s the only math in
which Bitcoin can hit $1mm+ in 2025 when it happens.”
The idea of a federal Bitcoin Strategic Reserve happening in 2025 is less than a 10% chance event.
That’s the only math in which Bitcoin can hit $1mm+ in 2025 when it happens.
— Jeff Park (@dgt10011) December 26, 2024
Park’s
forecast suggests that while Bitcoin reaching seven figures is theoretically
possible, the probability remains slim without significant institutional or
governmental intervention. He specifically ties this scenario to the creation
of a federal Bitcoin reserve, implying that a strategic accumulation of Bitcoin
by the U.S. government could dramatically impact supply and demand dynamics.
However,
many experts hold a more optimistic view on this matter.
