The promise of Bitcoin has finance wizards mesmerized. It’s no surprise then that so many crypto luminaries are making wildly optimistic predictions of enormous growth for the cryptocurrency. Driven by a growing number of institutions adopting crypto and other macroeconomic factors, Bitcoin price predictions are climbing to all-time highs. Industry leaders such as Michael Saylor, Cathie Wood, Mike Novogratz and Arthur Hayes are all making big calls. Their insights reflect an increasing confidence in Bitcoin’s long-term prospects.

BlackRock's Bitcoin ETF Impact

BlackRock’s iShares Bitcoin Trust (iBIT) has quickly ascended to the largest Bitcoin ETF in terms of market share. Since the launch back in January 2024, the ETF has accumulated roughly 3% of Bitcoin’s total supply. This phenomenal buildup is a testament to intense investor demand. Today, iBIT has more than $70 billion in assets under management, further testament to the growing institutional demand for Bitcoin exposure.

Michael Saylor, a well-known Bitcoin advocate, predicts that BlackRock's iBIT will become the world's largest ETF within the next decade. This conservative projection makes the case for an increase in more institutional investment, and the effect it would have on Bitcoin’s price.

Bullish Price Targets

Cathie Wood's Ark Invest has revised its bull-case Bitcoin price projection to $2.4 million by 2030, signaling strong confidence in the cryptocurrency's future. This updated forecast surpasses Ark Invest's previous projection of $1.5 million, reflecting increasing optimism about Bitcoin's growth potential.

Even Bitcoin bull and Galaxy Digital Holdings chief executive Mike Novogratz has recently joined the predicators Bitcoin will soon peak at $1 million. His reasoning is mostly rooted in the large-scale adoption of Bitcoin as a macro asset that institutional investors are making a play for. BTC bull Arthur Hayes has posited that Bitcoin would cross $1 million by 2028, stoking exuberance in the crypto market.

Factors Driving Growth

Novogratz believes Bitcoin could increase tenfold and exceed $1 million if it continues to gain popularity and surpass gold as a store of value.

"Now we’ve got all these treasury companies buying Bitcoin, we’ve got sovereign wealth buying Bitcoin, we’ve got retail investors buying Bitcoin, there’s easier ways to get it." - Mike Novogratz

Institutional adoption is rapidly increasing, generating an institutional backbone for Bitcoin’s advance. Macroeconomic conditions such as the possible devaluation of US Treasury and outflows of foreign investment may add fuel to the Bitcoin fire. It’s important to recognize Bitcoin’s truly existential threat — gold’s continued status as the unrivaled store of value.

At that time, Michael Saylor was sharing his vision of Bitcoin’s potential far beyond a mere doubling or tripling, imagining unprecedented peaks.

"If you look at gold’s market cap and Bitcoin’s market cap, Bitcoin has a long way to go, 10x, and so that’s [$1 million] Bitcoin just to be where gold is." - Michael Saylor

He even speculated that BTC could be worth $13 million.

"So the adoption of Bitcoin as a macro asset, as an asset to save money in, I think that’s now a ball rolling down hill." - Mike Novogratz