Here’s Why Many Crypto Insiders Are Bidding Bitcoin to $1 Million by 2029

The crypto industry’s most ardent proponents are increasingly bullish on Bitcoin’s price trajectory, with many insiders arguing that $1 million could be achievable by 2029. While skeptics dismiss such predictions as hype, the argument hinges on a combination of macroeconomic trends, institutional adoption, and Bitcoin’s inherent design—specifically its fixed supply and deflationary mechanics.

The Case for Exponential Growth
Bitcoin’s history is one of exponential leaps. From its $0.003 price in 2010 to its current $55,000+ valuation, the asset has delivered returns of over 1.8 billion percent—a trajectory that dwarfs traditional investments. shows how its value has surged during periods of institutional inflows and macroeconomic stress, such as the 2017 bull run and the pandemic-driven liquidity surge of 2020–2021.

Proponents argue that this pattern will repeat as Bitcoin becomes a mainstream store of value. “Bitcoin is the only asset that’s both digital and scarce,” says pseudonymous analyst PlanB, creator of the Stock-to-Flow (S2F) model, which predicts Bitcoin could hit $1 million by 2022. While his timeline has shifted, his core thesis—that Bitcoin’s halving events reduce supply growth, driving price appreciation—remains influential.

Institutional Adoption as a Catalyst
The single biggest driver of Bitcoin’s credibility is its adoption by institutional investors. Tesla’s $1.5 billion Bitcoin purchase in 2021 and MicroStrategy’s $4 billion allocation marked a turning point. reveals that while retail activity still dominates trading volumes, institutions are quietly accumulating.

“The adoption curve is accelerating,” says Cathie Wood of Ark Invest, which recently launched a Bitcoin ETF. “Institutional investors are no longer just talking about Bitcoin—they’re integrating it into portfolios as a hedge against inflation and currency debasement.” With central banks globally pursuing accommodative monetary policies, Bitcoin’s appeal as a “hard money” asset—immune to inflation—has only grown.

The $1 Million Math
To reach $1 million by 2029, Bitcoin would need to grow at a compound annual rate of about 44% over the next six years—a figure that seems high but is within historical norms. For context, Bitcoin’s annualized return since 2010 is roughly 200%, though volatility has been extreme.

A more nuanced angle is market capitalization parity. If Bitcoin’s market cap matches gold’s $10 trillion valuation by 2029, each Bitcoin would be worth roughly $476,000. To hit $1 million, its market cap would need to exceed gold’s by 20%, which is plausible if Bitcoin displaces gold as the preferred store of value.

Risks and Realities
Skeptics point to regulatory overreach, energy consumption concerns, and Bitcoin’s inherent volatility. China’s 2021 mining crackdown and the SEC’s ETF delays highlight regulatory risks. Meanwhile, critics argue that Bitcoin’s energy use is unsustainable—a claim miners are countering with renewable energy initiatives.

Yet even with these headwinds, Bitcoin’s network effects are undeniable. Its transaction volume and developer activity remain robust, and its “halving” events—where new supply is cut in half—create predictable scarcity. The next halving, in 2024, could be a pivotal moment, as prior halvings (2012, 2016, 2020) were followed by multi-year bull markets.

Conclusion: The Arithmetic of Scarcity
While $1 million by 2029 is not a certainty, it is mathematically feasible given Bitcoin’s design. With 88% of its 21 million supply already mined and institutional demand rising, the asset’s scarcity advantage is becoming harder to ignore.

Consider this: In 2017, Bitcoin’s price was $1,000. By 2021, it was $60,000—a 6,000% increase in four years. To hit $1 million in another six years, it would need to grow at just half that rate.

underscores how reduced supply growth could fuel further appreciation. Add in macro tailwinds—soaring debt levels, fiat currency distrust—and Bitcoin’s path to $1 million looks less like fantasy and more like a numbers game.

The crypto insiders betting on this outcome aren’t just speculating—they’re counting on Bitcoin’s code. And in a world awash with liquidity, scarcity is the ultimate currency.