Bitcoin Eyes $1 Million by 2028 as Institutional Demand Surges, Ethereum Lags

Could Bitcoin Reach $1,000,000 by 2028? (The Motley Fool)

At the Token2049 cryptocurrency conference in Dubai on April 30, Arthur Hayes, co-founder of BitMEX, predicted that Bitcoin could reach $1 million by 2028. Currently, Bitcoin is priced at around $96,000, which means it would need to grow by 10.4 times to hit the $1 million mark. Over the last five years, Bitcoin's price has risen by 949%, providing a precedent for such growth, though over a slightly longer period than the three-year timeline in question.

Bitcoin's current market cap stands at $1.9 trillion. If the price were to reach $1 million per coin, and with 20.5 million coins expected to be mined by 2028 (up from 19.8 million today), the market cap would need to be approximately $20.5 trillion. As of the end of 2023, global investment assets totaled around $213 trillion. If 2% of that were allocated to Bitcoin, it would result in $4.2 trillion in inflows, which alone would not be enough to reach the $1 million price per coin. However, factors such as countries implementing Bitcoin repositories and major corporations accumulating Bitcoin could reduce the available supply, potentially driving up prices due to scarcity. The next Bitcoin halving, expected in early to mid-2028, is also anticipated to impact prices positively, as halvings historically lead to increased demand and higher prices.

"Don't worry," Hayes said, "Bitcoin is going to $1 million by 2028."

The Motley Fool concludes that while there is a solid chance for Bitcoin to reach $1 million by 2028 under the right conditions, it is more likely to happen in the years following 2028. The key takeaway is that Bitcoin's scarcity and supply dynamics make it a strong long-term investment, regardless of whether it hits the $1 million mark within the next few years.

Current BTC Price	Target Price (2028)	Current Market Cap	Projected Market Cap (2028)	Coins in Circulation (2028)
$96,000	$1,000,000	$1.9 trillion	$20.5 trillion	20.5 million

Bitcoin needs to grow 10.4x to reach $1 million per coin.
Historical 5-year growth: 949%.
Potential institutional inflows: $4.2 trillion (2% of global investment assets).
Next halving expected in early to mid-2028.

Summary: The Motley Fool highlights that while a $1 million Bitcoin by 2028 is ambitious, historical growth, institutional interest, and supply constraints could make it possible, especially in the longer term.

Two Prime Exits Ethereum, Citing 'Meme Coin' Behavior (Decrypt)

Algorithmic trading firm Two Prime has announced it is dropping all exposure to Ethereum (ETH) and will focus exclusively on Bitcoin (BTC). The firm described Ethereum as "statistically broken" and stated that its risk-reward profile has become "unjustifiable." Two Prime, an SEC-registered investment advisor, has lent over $1.5 billion against BTC and ETH in the past 15 months, but now criticizes Ethereum's unpredictable behavior, declining market momentum, and eroding institutional appeal.

As of now, Ethereum is trading at approximately $1,833, reflecting a 51% year-to-date decline. In contrast, Bitcoin is trading near $97,000, having gained 2.7% since the start of the year and is about 11% off its all-time high. Data from CoinGlass shows that BTC ETFs hold over $115 billion in assets, consuming 5.76% of total Bitcoin supply, while Ethereum ETFs manage just $6.68 billion, with inflows slowing dramatically since approval. Two Prime also highlighted Solana as a more compelling blockchain for developers and users, citing better speed, cost, and user experience.

“ETH’s statistical trading behavior, value proposition, and community culture have failed beyond a point that is worth engaging,” the statement said. “It trades now like a meme coin rather than a predictable asset.”

Two Prime's CEO, Alexander Blume, stated, “Two Prime is done with ETH.” The firm also criticized Ethereum’s leadership and the cannibalization of mainnet value by Layer-2 solutions. Meanwhile, the Ethereum Foundation has appointed two co-directors to help transition Ethereum into a robust base layer of global finance.

Asset	Current Price	YTD Change	ETF Assets	ETF Share of Supply
Bitcoin	$97,000	+2.7%	$115 billion	5.76%
Ethereum	$1,833	-51%	$6.68 billion	n/a

Two Prime has lent over $1.5 billion against BTC and ETH in 15 months.
Ethereum's institutional and retail confidence remains low, with an 82% likelihood ETH will finish below $1,900 by Sunday night (Myriad prediction market).
Solana is seen as a more attractive alternative for developers and users.

Summary: Decrypt reports that Two Prime has fully exited Ethereum, citing its decline in predictability and institutional appeal, while Bitcoin continues to attract significant ETF inflows and institutional interest.

Bitcoin Climbs to Highest Level Since Late February (CNBC)

Bitcoin has reached its highest level since late February, according to CNBC Crypto World. The report highlights the recent upward momentum in Bitcoin's price, reflecting renewed investor interest and positive sentiment in the cryptocurrency market. The coverage underscores Bitcoin's resilience and its ability to recover from previous downturns, positioning it as a leading asset in the digital currency space.

While specific price points are not detailed in the report, the focus remains on Bitcoin's strong performance relative to other cryptocurrencies and its continued dominance in the market.

Bitcoin has reached its highest price since late February.
The cryptocurrency market is experiencing renewed investor interest.

Summary: CNBC notes Bitcoin's strong price recovery, marking its highest level since late February and reinforcing its status as a market leader.

Public Companies Acquire 96% of All Bitcoin to Be Mined in 2025 (CryptoSlate)

Publicly listed companies have purchased approximately 157,957 Bitcoin as of May 1, 2025, accounting for 96% of the 164,250 BTC projected to be mined throughout the year. Private companies added another 16,799 BTC, while Bitcoin ETF issuers acquired 34,968 BTC. In total, these three groups bought 192,925 BTC during the first four months of the year, surpassing the annual expected supply of newly mined Bitcoin by 17%.

Strategy, formerly known as MicroStrategy, leads public entities with 107,155 BTC acquired so far this year, representing nearly two-thirds of the public company supply and over 65% of the new supply. In 2024, publicly listed companies acquired 331,141 BTC, with Strategy responsible for 257,250 BTC. ETF issuers accumulated 518,018 BTC in 2024, while private companies reduced their exposure by selling 3,204 BTC. The total corporate and institutional demand in 2024 was nearly four times higher than the mined supply of 217,518.75 BTC.

Entity	BTC Acquired (2025)	BTC Acquired (2024)
Public Companies	157,957	331,141
Private Companies	16,799	-3,204 (sold)
ETF Issuers	34,968	518,018
Total Acquired	192,925	845,955
BTC Mined	164,250 (projected)	217,518.75

Public and private companies, along with ETF issuers, have acquired more Bitcoin than will be mined in 2025.
Strategy leads with 107,155 BTC acquired in 2025.
Institutional demand continues to absorb the entire new supply and draw from existing reserves.

Summary: CryptoSlate reveals that public companies, private firms, and ETF issuers have already acquired 96% of all Bitcoin to be mined in 2025, with total purchases exceeding the annual supply by 17% and Strategy leading the accumulation.

MicroStrategy Doubles Down on Its Bitcoin Bet (MarketWatch)

MicroStrategy Inc., the world’s largest corporate holder of Bitcoin, has announced it will continue to buy Bitcoin and expand its holdings, despite missing Wall Street’s quarterly expectations by a wide margin. CEO Phong Le stated, “Our capital-markets strategy continues to grow our bitcoin holdings while delivering superior shareholder value.”

The company’s commitment to increasing its Bitcoin reserves underscores its long-term bullish stance on the cryptocurrency, even in the face of short-term financial setbacks. MicroStrategy’s strategy is to leverage capital markets to accumulate more Bitcoin, reinforcing its position as a leading corporate investor in the digital asset space.

MicroStrategy will continue to buy Bitcoin and grow its holdings.
The company missed quarterly expectations but remains committed to its Bitcoin strategy.

Summary: MarketWatch reports that MicroStrategy is doubling down on its Bitcoin investment, prioritizing long-term accumulation despite recent financial underperformance.

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