Bitwise lifts bitcoin target to $1.6 million, sees 34.3% yearly gains beating US stocks

Bitwise Asset Management published a 10-year outlook on Wednesday projecting bitcoin will compound at 34.3% a year through 2036, compared with 6.7% for U.S. equities, and raised its price target to $1.6 million from $1.3 million. The forecast starts from bitcoin’s roughly $83,557 price on Sept. 30; the cryptocurrency was trading near $80,000 on Wednesday. Bitwise reran the same model with updated market-size estimates, including $110 trillion for the market for assets held as stores of value and $303 trillion for institutional investment, while holding bitcoin’s share of each market fixed. It also cut its 10-year volatility forecast to 27.8% from 32.9%.