Bitwise raises 10-year Bitcoin price target to $1.6 million

Bitwise has raised its 10-year Bitcoin price target to $1.6 million. Chief Investment Officer Matt Hogan explained that the increase was driven by mathematical adjustments to the addressable market size, not a change in expected market share. He noted that the store of value, offshore wealth, and institutional markets have grown significantly over the past year. Hogan pointed to institutional adoption milestones, including Morgan Stanley launching a Bitcoin ETF, Wells Fargo adding Bitcoin to a model portfolio, and the first central bank purchasing Bitcoin last year, as evidence that capital inflows remain on track. Despite recent volatility, Bitwise maintains that the drawdown was smaller than previous cycles, supporting the higher valuation. Hogan stated he is more bullish on Bitcoin today than in the past, noting that the data forced the higher number despite initial concerns about a bearish market mindset. The firm remains highly optimistic on Bitcoin's long-term trajectory, arguing that expanding institutional markets and consistent adoption metrics necessitate a higher price target.