PANews reported on May 1, according to Cointelegraph, that André Dragosch, Head of Research at Bitwise Europe, predicts Bitcoin could reach $1 million by 2029, surpassing gold's current market value of $21.7 trillion. His analysis indicates that Bitcoin's base target price for the 2025 cycle is $200,000, and if the U.S. government adopts a "budget-neutral" strategy to directly allocate Bitcoin, it could rise to $500,000. The first-year performance of the U.S. spot Bitcoin ETF exceeded expectations, with BlackRock's IBIT ETF setting a record for the fastest growth in history. Dragosch believes that as major investment banks like Merrill Lynch and Morgan Stanley gradually open their channels, "structural capital inflows" will extend the Bitcoin cycle.