Bitcoin's $1 Million Price Target in 2028 Faces Uncertainty, Says Tuur Demeester

Bitcoin evangelist Tuur Demeester has cast doubt on the widely anticipated $1 million valuation for Bitcoin by 2028, diverging from the optimism of figures like Samson Mow and Max Keiser. Unlike staunch Bitcoin supporters, Demeester remains cautious about the cryptocurrency's trajectory after the next halving.

Demeester's Skepticism

In response to a tweet by investor @dotkrueger projecting Bitcoin's value at $1 million by 2028, Demeester expressed uncertainty, noting that "every beautiful model is destined to be broken by Mr. Market." He refrained from making definitive predictions and emphasized the unpredictable nature of market forces.

Bitcoin's Growth Corridor Model

Acknowledging his appreciation for the "Bitcoin power-law corridor of growth" model from 2019, Demeester refrained from fully endorsing it. The model, popular among Bitcoin enthusiasts, suggests a bullish trajectory for the cryptocurrency. However, Demeester highlighted the potential for market dynamics to defy such projections.

Bitcoin Halving in 2028

The year 2028 marks the scheduled fifth Bitcoin halving, an event occurring every four years that automatically halves the supply of new Bitcoins per block. While Demeester recognizes the significance of the upcoming halving, he remains cautious about its direct correlation with Bitcoin reaching $1 million.

Bitcoin ETFs' Impact

Following regulatory approval for spot Bitcoin ETFs by the Securities and Exchange Commission, major Wall Street players, including Fidelity, BlackRock, VanEck, and Ark Invest, launched ETFs that rapidly accumulated digital gold. These ETFs are acquiring 4,700 BTC daily, surpassing miners' daily production by more than 5 times. Tuur Demeester and others have raised concerns about this trend, predicting a potential 20x surge in daily BTC acquisition by ETFs after the imminent halving.

Conclusion

While Tuur Demeester appreciates certain models predicting Bitcoin's exponential growth, he refrains from confirming the $1 million target by 2028. The looming halving and the significant impact of Bitcoin ETFs on daily acquisitions pose uncertainties that challenge optimistic projections. Investors should exercise caution, considering the unpredictable nature of market forces in shaping Bitcoin's future.