Bitwise Asset Management released its inaugural “Bitcoin Long-Term Capital Market Assumptions” report, projecting substantial gains for the cryptocurrency over the coming decade. The firm’s base-case scenario puts Bitcoin at about $1.3 million by 2035, implying a 28.3% compound annual growth rate from current levels. Its bull-case sees the token nearing $3 million, while the bear-case foresees a retreat to roughly $88,000. Bitwise attributes the upbeat outlook to three factors: continued institutional adoption following the 2024 approval of spot Bitcoin exchange-traded products, rising demand for hard-asset hedges as U.S. deficits erode dollar purchasing power, and Bitcoin’s fixed 21-million-coin supply. The research argues that these forces could weaken the four-year boom-and-bust cycle historically associated with the asset. The San Francisco-based manager plans to update the assumptions annually, positioning the document as a framework for pension funds, endowments and wealth advisers assessing Bitcoin’s role in diversified portfolios. Bitwise cautions that while volatility is likely to persist, it expects the asset to outperform traditional investments such as stocks, bonds and real estate through 2035.