'Don't Worry, Bitcoin Is Going to $1 Million by 2028' Says BitMEX Co-Founder
Bitcoin price volatility has hit its lowest level in over a year and a half—but that's not the headline grabbing traders today. It's Arthur Hayes' bold forecast. 'Don't worry, Bitcoin is going to $1 million by 2028,' the BitMEX co-founder told a crowd at Token2049 in Dubai. 'It's time to go long everything.'
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That kind of statement hits differently in a week where Bitcoin's price has barely moved. Volatility just dropped to its lowest point in 563 days, according to K33 Research. The seven-day average is now sitting near levels last seen in late 2022.
Bitcoin's Volatility Falls while Conviction Grows
According to Vetle Lunde at K33, this drop in volatility signals that Bitcoin is maturing as an asset. It's also now the seventh most valuable asset in the world, with a market cap of $1.87 trillion. That puts it above giants like Meta (META) and even Silver (CM:XAGUSD).
Analysts at Bitfinex noted that exchange deposits are falling, a sign that investors are moving coins off exchanges and into longer-term storage. That trend suggests conviction is growing, even as short-term price swings slow down. 'Reduced selling pressure and an uptick in conviction-driven custody behavior' could signal an eventual supply squeeze, according to Bitfinex's research team.
Bitcoin ETF Inflows and Treasury Moves Light a Fire
A new surge in Bitcoin ETF activity may be playing a part. BlackRock's IBIT ETF just recorded $970 million in one-day inflows, its second-highest haul since launch. Meanwhile, Hayes pointed to potential U.S. Treasury buybacks as the next macro trigger, calling it possibly the 'last chance' to buy Bitcoin under $100K.
Buybacks, which help manage debt and liquidity, could push more capital toward hard assets like Bitcoin. Hayes believes this monetary backdrop will spark the $1M run.
Big Names Stick to Big BTC Price Targets
It's not just Hayes who sees a seven-figure Bitcoin future. ARK Invest's Cathie Wood said recently the odds of Bitcoin hitting $1.5 million by 2030 are rising thanks to growing institutional involvement. According to Wood, 'many institutional investors are now looking at Bitcoin and thinking they need to add it to their asset allocation.'
ARK's projections assume a 58% compound annual growth rate through the end of the decade.
At the time of writing, Bitcoin is sitting at $94,152.
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