Bitcoin’s price could surpass $1 million by 2029, fueled by ETFs and government demand, predicts Bitwise executive Andre Dragosch. Dragosch believes that Bitcoin’s institutional adoption could lead to it matching gold’s market cap by 2029. Currently, gold is valued at over $21.7 trillion, while Bitcoin’s market capitalization stands at $1.9 trillion. In the 2025 market cycle, Bitcoin could reach $200,000 in the base case and $500,000 with increased government adoption, according to Dragosch. The US government’s potential direct Bitcoin acquisitions could impact these price predictions significantly. The US is exploring various strategies, including using tariff revenue and reevaluating gold certificates, to fund its Bitcoin investments. Additionally, Dragosch highlights the importance of ETF inflows and institutional adoption in prolonging Bitcoin’s cycle. The US-based spot Bitcoin ETFs have exceeded expectations, with BlackRock’s iShares Bitcoin Trust ETF becoming the fastest-growing ETF in history. Dragosch also mentions the impact of US wirehouses gaining exposure to Bitcoin and ETFs, potentially bringing in a significant amount of capital. Overall, the future of Bitcoin’s price trajectory seems promising, driven by institutional adoption and government initiatives.