Matt Hougan, Chief Investment Officer at Bitwise, predicts that Bitcoin could reach a staggering $1 million mark by 2029. Hougan views Bitcoin as a potential alternative to gold, recognizing its market value nearing the $20 trillion mark. He believes this digital currency has immense long-term potential in global transactions and is poised to reshape financial systems. His prediction is fueled by the limited supply of Bitcoin (only 21 million coins), which ensures continued growth even as annual production remains relatively low, around 160,000 coins per year. This creates a crucial imbalance: high demand from new spot Bitcoin ETFs, consuming approximately 500,000 coins annually, needs to be addressed by the market. Hougan believes this will push prices upwards and break through resistance levels in the near future. He highlights institutional adoption as a key driver for further growth. While pension funds and other major investors are often slow to move due to lengthy procedures, they’re beginning to incorporate Bitcoin into their portfolios. As institutions increase exposure to Bitcoin, Hougan believes we’ll see this digital asset gain more prominence and play an increasingly significant role in portfolio allocations. His prediction is that by the end of the decade, a shift towards Bitcoin will transform the entire cryptocurrency landscape.