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Bitwise Expert Explains: Bitcoin Could Rise Up to $1 Million! - Koin Bulletin
Jeff Park, President of Bitwise Invest's alpha strategies, predicts that the price of Bitcoin could reach $1 million.
Park notes that this is only possible if the United States creates a Bitcoin reserve. Park said in a tweet, "The only mathematical scenario in which Bitcoin could surpass 1 million dollars in 2025."
US Bitcoin reserves
Park evaluates the probability of this scenario occurring as a low probability like 10 percent. Previously, Senator Cynthia Lummis had introduced a bill. This bill envisaged the US Treasury Department purchasing a total of 1 billion Bitcoin over a period of five years. However, this idea is still being debated among politicians and experts.
According to Polymarket data, the probability of creating a Bitcoin reserve in 2025 is evaluated as 31 percent.
Global reactions
In addition to the US, the idea of creating a Bitcoin reserve is attracting attention worldwide. However, countries like Japan are skeptical of this idea. The Japanese government questions the reliability of investing foreign exchange reserves in Bitcoin.
Galaxy Digital CEO Mike Novogratz, on the other hand, thinks it's unlikely that the US will create a Bitcoin reserve in the short term. However, if such a step is taken, he predicts that the price of Bitcoin could rise to 500,000 dollars. According to Novogratz, a move by the US in this direction could also lead other countries to Bitcoin.