Hunter Horsley, CEO of crypto asset manager Bitwise, expressed growing confidence in Bitcoin reaching $1 million, observing increasing evidence supporting this and diminishing reasons against it. On February 17, he questioned why Bitcoin isn’t widely adopted and reaching seven figures, anticipating several developments within the year.
Investor Fred Krueger mentioned Bitcoin’s scalability issues, but noted that wrapped versions on other chains offer a solution. Horsley agreed, comparing ETFs to wrappers that simplify custody and trading for integration into traditional financial accounts.
Horsley outlined predictions for 2025, expecting further adoption driven by spot Bitcoin ETFs, which have already seen $40 billion in U.S. inflows. He anticipates more corporations and nation-states purchasing BTC, with 22 U.S. states prepared to invest in Bitcoin and crypto. Wealth management firms, banks, and financial institutions are expected to facilitate client access to Bitcoin, while regulators provide clarity. He foresees a significant year with influential individuals showcasing their belief in Bitcoin.
Bitcoin educator and investor Mark Moss agreed, highlighting the current cycle’s uniqueness with ETF demand, sovereign buyers, and corporate treasuries contributing to new money absorbing supply.
Currently, Bitcoin is struggling to maintain a six-figure valuation, with recent declines putting it below $96,000. Despite reduced volatility and a narrow trading range, the asset continues testing support levels, according to analysts.
Hunter Horsley on Twitter: “What’s the current best argument for why Bitcoin isn’t going to be widely adopted and go to $1M? I see more and more evidence of why it will, and less and less of why it won’t.”
Mark Moss on Twitter: “Everyone’s worried about when to sell Bitcoin when they should be worried about never owning enough. This cycle is much different than the last ones. ETF demand. Sovereign buyers. Corporate treasuries. New money is absorbing supply at scale.”
