Bitwise raises 2036 bitcoin price target to $1.6 million as institutions increase allocations

Bitwise Asset Management raised its 2036 base-case bitcoin price target to $1.6 million from $1.3 million, citing institutional demand, fixed supply, and rising government debt as key drivers. The firm estimates institutions controlling $147 trillion could allocate 1% to 5% of portfolios to bitcoin, potentially driving $1.5 trillion to $7.4 trillion in purchases. Bitcoin's annual issuance of $14 billion and expanding institutional infrastructure, including $108 billion in U.S. spot ETFs, further support the outlook.