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Michael Saylor said that the price of Bitcoin is expected to reach $1 million by the end of 2029.
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The main factor behind Bitcoin’s popularity is the acceleration of institutional adoption.
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If investors continue to view Bitcoin as “digital gold,” this should help push Bitcoin’s price higher.
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bullish Bitcoin (Cryptocurrency: BTC) Price targets are nothing new to founder and executive chairman Michael Saylor. strategy (NASDAQ: MSTR)the company was formerly known as MicroStrategy. He is widely considered the world’s biggest Bitcoin bull, and his company is the world’s largest corporate holder of Bitcoin.
It’s one thing to make a bullish price prediction when Bitcoin prices surge. But doing so when Bitcoin prices are more than 30% below all-time highs from October is another story.
That’s why his latest price prediction is so shocking. He still believes that the price of Bitcoin may rebound to $150,000 by the end of 2025 and then reach a price level of $1 million by the end of 2029. If so, it would mean a 1,049% gain for the world’s largest cryptocurrency.
Saylor made a number of key assumptions in its $1 million price forecast.
Most importantly, Thaler believes that the pace of Bitcoin institutional adoption will continue to accelerate in the coming years. The first major step comes in 2023, when Wall Street begins to embrace the idea of Bitcoin as an independent asset class, with its own unique risk-reward characteristics. The next step is to launch a new spot Bitcoin ETF in 2024. The final step is to roll out the Trump administration’s new pro-Bitcoin policies in 2025.
This lays a good foundation for Bitcoin to enter 2026. As Saylor sees it, Wall Street’s new products make it easier than ever to hedge against Bitcoin’s volatility. At the same time, banks and financial institutions are increasingly looking to create new Bitcoin-based financial products, such as new credit products that are collateralized by Bitcoin. Over time, this should help create more demand for Bitcoin.
Another key assumption is that Bitcoin will continue to compete with gold as a potential store of value. The “digital gold” moniker has become commonplace, with Bitcoin sometimes acting as a safe-haven asset during times of extreme macroeconomic uncertainty. Earlier this year, traders and investors shifted funds to gold and Bitcoin amid concerns about rising global tariffs.
Over time, Thaler believes Bitcoin’s market cap could rival that of physical gold. Gold’s current market capitalization is approximately $30 trillion, while Bitcoin’s current market capitalization is $1.75 trillion. If Saylor is right, that means Bitcoin’s valuation could rise 15x to 20x. Based on the current price of $87,000, this could easily result in a Bitcoin price of over $1 million.
Given Bitcoin’s track record, it’s easy to believe many of Thaler’s core assumptions. When the U.S. government creates the Strategic Bitcoin Reserve and the Trump administration pledges to make the U.S. the “cryptocurrency capital of the world,” it’s hard not to see the pace of institutional adoption accelerating over time. In many ways, the Bitcoin genie is out of the bottle.
But the real sticking point is all the assumptions about Bitcoin as “digital gold.” If this is true, shouldn’t it behave like physical gold?
This year, Bitcoin is down 8%. By comparison, gold is up more than 65% this year. In short, this shouldn’t happen.
Additionally, cryptocurrency bulls continue to prove that Bitcoin’s famous four-year cycle is now a thing of the past. It also sounds a bit unreal.
Historically, Bitcoin has been prone to four-year boom and bust cycles. In 2014, 2018 and 2022, the value of Bitcoin plummeted. If history is any guide, 2026 will be another bad year for Bitcoin.
However, due to a wave of purchases by large institutional buyers and the arrival of new spot Bitcoin ETFs, some now believe that Bitcoin is entering an economic supercycle. But is it really possible that the price of Bitcoin will only rise from here on out?
A good sign – at least for now – is that the big Bitcoin finance companies haven’t started selling their Bitcoins yet. If they do, it’s probably time to leave. For its part, Strategy has actually been ramping up its Bitcoin purchases through 2026.
While the price of Bitcoin could eventually reach $1 million by the end of 2029, the most likely scenario is that it will take longer. I expect the price of Bitcoin to move higher in the coming years, but I’m also bracing for future volatility, including a possible dip in 2026.
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Dominic Basulto holds a position in Bitcoin. The Motley Fool holds and recommends Bitcoin. The Motley Fool has a disclosure policy.
The No. 1 cryptocurrency to buy ahead of 1,049% surge, according to Strategy’s Michael Saylor originally published by The Motley Fool