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Bitwise predicts Bitcoin could reach US$1M by 2029 if it matches gold’s market cap. Galaxy Digital plans to list on Nasdaq on May 16. Tether reports US$120B in U.S. Treasury exposure, including US$99B directly held, as crypto institutions expand amid growing market activity.
Bitcoin's future is looking bright, according to André Dragosch, European Research Head at Bitwise. In a recent interview on the Chain Reaction show, Dragosch predicted that Bitcoin could reach an astonishing $1 million by 2029, driven by growing institutional adoption and steady ETF inflows.
With Bitcoin's current market cap of $1.9 trillion, Dragosch believes it has the potential to rival gold's market capitalization of over $21.7 trillion. He forecasts a potential price surge to $200,000 under normal conditions, with a possible jump to $500,000 if the U.S. government starts acquiring Bitcoin.
The involvement of major U.S. wirehouses, such as Merrill Lynch and Morgan Stanley, which manage over $10 trillion in assets, could further unlock institutional capital and propel Bitcoin's growth.
Galaxy Digital has announced plans to list its shares on the Nasdaq exchange on May 16, subject to shareholder and regulatory approval. The crypto investment firm, currently listed on the Toronto Stock Exchange under the ticker GLXY, aims to broaden its investor access and increase its visibility in the U.S. market. A special shareholder meeting scheduled for May 9 will finalize the transition plan.
CEO Mike Novogratz stated that the move aligns with Galaxy’s strategy to create a broader platform for investors to engage with digital assets and artificial intelligence markets. Galaxy has experienced a 12.28% decline in share price year-to-date on the TSX, but April saw stronger performance among Nasdaq-listed crypto firms. Coinbase gained 17.8%, MicroStrategy rose 31.86%, and Bitcoin mining firm CleanSpark added 21.58% over the same period.
Tether revealed that its total exposure to U.S. Treasurys reached nearly US$120 billion by the end of March. The stablecoin issuer included this figure in its financial reporting for the quarter by accounting for Treasury direct investments, money market funds, and reverse repurchase agreements. Of the total, US$99 billion was directly invested in U.S. government securities.
According to current statistics, the largest dollar-pegged stablecoin, USDT, maintains a market value of over US$149 billion. The company generated over US$1 billion in operating profits from traditional investments during the first quarter of 2025. It dedicates more than US$2 billion to establishing long-term investments in renewable energy projects, artificial intelligence development, and data infrastructure projects. El Salvador has asserted regulatory oversight over the company's operations since Tether set up its worldwide headquarters in this country.
