Bitwise's Head of Research for Europe, André Dragosch, predicts that Bitcoin could reach $1 million by 2029, with its market capitalization surpassing gold (currently at $21.7 trillion). His analysis points out that the fundamental target price for Bitcoin during the 2025 cycle is $200,000, and if the U.S. government directly allocates Bitcoin through a "budget-neutral" strategy, it could rise to $500,000. The first year performance of the U.S. Spot Bitcoin ETF exceeded expectations, with BlackRock's BIT ETF setting the record for the fastest growth in history. Dragosch believes that as major investment bank channels such as Merrill Lynch and Morgan Stanley gradually open, "structural inflows of capital" will extend the Bitcoin cycle.

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