CoinDesk calls Bitwise’s $1.3M BTC target in 10 years overly optimistic

CoinDesk analyzed Bitwise’s projection that Bitcoin will top $1.3 million within 10 years as overly optimistic. The media outlet said the core of any $1 million Bitcoin forecast ultimately rests on a single assumption: that Bitcoin will capture part of gold’s market capitalization or attract at least some inflows from trillion-dollar pools of capital such as global pension funds. CoinDesk added that such forecasts mostly fail to account for opportunity cost, noting that the existence of relatively safe assets such as U.S. Treasuries offering annual yields of around 5% could limit Bitcoin’s actual upside. It also said the 30-year U.S. Treasury yield rose above 5% this year, the highest level since 2007, and explained that such elevated Treasury yields directly constrain Bitcoin’s upside potential.