PANews reported on May 1 that according to Cointelegraph, André Dragosch, head of European research at Bitwise, predicts that Bitcoin may reach $1 million in 2029, and its market value will surpass gold (currently $21.7 trillion). His analysis pointed out that the basic target price of Bitcoin in the 2025 cycle is $200,000. If the US government directly allocates Bitcoin through a "budget neutral" strategy, it may rise to $500,000. The performance of the US spot Bitcoin ETF exceeded expectations in its first year, and BlackRock's IBIT ETF set a record for the fastest growth in history. Dragosch believes that as the channels of large investment banks such as Merrill Lynch and Morgan Stanley are gradually opened, "structural capital inflows" will extend the Bitcoin cycle.