Bitwise, one of the largest crypto investment managers, projects Bitcoin could reach $1.3 million by 2035. The firm argues that Bitcoin’s fixed supply makes it the ultimate hedge against mounting U.S. debt, fiscal deficits, and a weakening dollar.
Ray Dalio, in a June 2025 note, echoed this logic: governments facing unsustainable debt loads typically resort to lowering interest rates and devaluing their currencies.
Bitwise highlights striking data: U.S. federal debt now exceeds $36 trillion, half of which has been added in the last decade. Annual interest payments alone have soared to $952 billion, now ranking as the fourth-largest federal budget expense.
With debt accelerating faster than GDP, the firm argues fiat currencies are locked into a cycle of debasement, boosting the case for scarce assets like Bitcoin.
U.S. debt: $36.2 trillion, up 55% in 10 years Annual interest cost: $952 billion Dollar purchasing power: down 40% in a decadeThe Dollar’s Eroding Dominance
Beyond U.S. domestic pressures, global shifts are underway. Nations such as China, Russia, and BRICS allies are reducing reliance on the dollar in trade and reserves. Data shows the dollar’s share of global reserves has steadily declined, while central banks explore alternative stores of value.
Bitwise notes that over a dozen governments now hold Bitcoin, signaling its growing role in reserve diversification.
Although the dollar will not disappear overnight, its influence appears to be diminishing. The $12 trillion global reserve market offers an opening for Bitcoin, which already commands a $2.3 trillion market cap. Proposals to rebalance reserves, including in the U.S. and Europe—underline how Bitcoin is gaining legitimacy as a parallel store of value alongside gold.
BTC Price Outlook: Long-Term Targets
Bitwise forecasts institutional investors could allocate 1–5% of portfolios to Bitcoin, representing $1–5 trillion in inflows over the next decade. ETFs already hold $170 billion worth of BTC, a sign this process is underway.
With 21 million coins as the maximum supply and only 1.1 million left to be mined, scarcity is expected to magnify future demand.
Bitcoin Price Chart – Source: TradingviewBitcoin currently trades near $112,500, consolidating after a pullback. Technically, the next test lies at $116,850; a breakout could trigger moves toward $120,900 and $124,500.
Traders see $105,000 as the key support. Short term, momentum indicators such as RSI and MACD suggest buyers are regaining control, while the broader thesis points to a long-term rally.
Bitwise’s baseline forecast is $1.3 million by 2035, with an optimistic scenario projecting $2.9 million—equivalent to a 39% annualized return.
For investors, the firm argues Bitcoin is no longer a speculative trade but an emerging pillar of global finance, potentially reshaping the dollar’s dominance in the decades ahead.
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The post Bitcoin Price Prediction: Billion-Dollar Firm Bitwise Says BTC Will Hit $1 Million by 2035 – Is BTC About to Replace the Dollar Forever? appeared first on Cryptonews.
