“I see more and more evidence of why it will [go to $1 million], and less and less of why it won’t,” opined the chief executive of crypto asset manager Bitwise, Hunter Horsley, on Feb. 17.
He posed the question on X of why BTC isn’t going to be widely adopted and hit seven figures before providing a list of things he expects to see this year.
Investor Fred Krueger said the best argument is that Bitcoin doesn’t scale. However, wrapped versions of it on other chains do, he added.
“It can be wrapped to interoperate with all sorts of systems. In a way, the ETFs are a wrapper that abstracts custody/trading, and port into traditional financial accounts,” agreed Horsley.
What’s the current best argument for why Bitcoin isn’t going to be widely adopted and go to $1M?
I see more and more evidence of why it will, and less and less of why it won’t.
— Hunter Horsley (@HHorsley) February 17, 2025
Bitcoin in 2025
The Bitwise boss provided a list of things he expects to see in 2025 that will accelerate the adoption of BTC.
There will be more flows into spot Bitcoin ETFs, he said. The eleven products in the United States have already seen a cumulative $40 billion in inflows since they launched just over a year ago.
Horsley predicted that more corporations and more nation-states would also start buying BTC in 2025. There are already 22 US states that have filed legislation to enable their treasuries to invest in Bitcoin and crypto.
US wealth management firms will be buying the asset for their clients while banks and financial institutions will launch services to help clients access Bitcoin, he predicted.
Regulators will create “productive clarity” while global geopolitics and monetary policy will “increase in circumstances that drive the need for Bitcoin,” he said.
“You’re going to see more reputable people revealing their conviction in Bitcoin,” he said before concluding, “It’s going to be a watershed year.”
Bitcoin educator and investor Mark Moss concurred, stating that “this cycle is much different than the last ones,” before adding that there is ETF demand, sovereign buyers, and corporate treasuries. “New money is absorbing supply at scale.”
Everyone’s worried about when to sell Bitcoin when they should be worried about never owning enough.
This cycle is much different than the last ones.
ETF demand. Sovereign buyers. Corporate treasuries.
New money is absorbing supply at scale.Since the last “halving” supply…
— Mark Moss (@1MarkMoss) February 17, 2025
BTC Price Outlook
At the moment, Bitcoin is struggling to reclaim six figures, let alone get anywhere near a seven-digit valuation.
The asset has shed 1.5% from its weekend highs to dip below $96,000 during the Monday trading session in Asia.
Volatility has dwindled and the asset has entered a tight trading range over the past fortnight, however, it continues to test support as observed by analysts.
Bitcoin continues to find stability at the blue diagonal trendline support
The light blue level of $97700 continues to act as resistance but BTC is one Daily Close and successful retest of it into new support away from a rally to $101k (black)$BTC #Crypto #Bitcoin https://t.co/ZfOTFwR9zy pic.twitter.com/s0M1O1RqX5
— Rekt Capital (@rektcapital) February 15, 2025
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