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Bitcoin's price could soar to $1 million by 2025, according to Jeff Park of Bitwise. The bold prediction stems from ongoing debates about a potential U.S. Bitcoin reserve, a move that could redefine cryptocurrency adoption globally.
U.S. Government Bitcoin Reserve Could Push Price to $1 Million
Bitwise Invest's head of alpha strategies, Jeff Park, has speculated that the establishment of a Bitcoin reserve by the United States government would cause the price of Bitcoin to reach $1 million.
“That’s the only math in which Bitcoin can hit $1mm+ in 2025 when it happens," Park wrote in a recent tweet.
But next year, he barely sees 10% of a national Bitcoin reserve actually happening.
Proposed Bitcoin Acquisition Law Sparks Debate
A law that would mandate the acquisition of one billion Bitcoins by the United States Treasury over a five-year period was proposed earlier this year by Senator Cynthia Lummis of Lummis.
In recent months, the concept has garnered considerable interest, with numerous analysts arguing over its feasibility. Buyers on Polymarket, meanwhile, predict that a Bitcoin reserve will materialize in 2025 with a 31% probability.
Global Interest in Bitcoin Reserves on the Rise
U.Today also noted that there is growing support for the notion of establishing a Bitcoin reserve. Some of Japan's foreign currency reserves are being considered for investment in Bitcoin, although the Japanese government is skeptical, according to recent statements.
Even Galaxy CEO Mike Novogratz is skeptical that a Bitcoin reserve will materialize anytime soon. Nevertheless, he anticipates a Bitcoin price spike of up to $500,000 in the event that the US government takes the bold step of officially accepting cryptocurrencies. This is because other countries are likely to follow suit.
Tom Lee of Fundstrat predicted that Bitcoin's price may reach $250,000 at one point. But if the reserve is put into place, the expert is also sure it may surge considerably higher.
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