Key facts
- Bitwise raised its 2036 bitcoin price target to $1.6 million.
- The forecast implies a 34.3% compound annual growth rate.
- Institutional investors could allocate $1.5 trillion to $7.4 trillion to bitcoin.
- US spot bitcoin ETPs hold about $108 billion.
- Bitcoin's correlation with gold reached a record 0.58 in September 2026.
Bitwise Asset Management has updated its long-term outlook for bitcoin, projecting a base-case price of $1,599,766 by 2036, an increase from its previous $1.3 million target. This forecast implies a compound annual growth rate of 34.3% from the firm's assumed price of $83,557 as of September 30, 2026. The firm's analysis hinges on continued institutional adoption, a fixed supply schedule for new bitcoin issuance, and the appeal of non-printable assets amid rising government debt. Bitwise estimates that institutions managing $147 trillion could allocate between 1% and 5% of their portfolios to bitcoin, potentially leading to $1.5 trillion to $7.4 trillion in purchases. The report notes that U.S. spot bitcoin ETPs currently hold approximately $108 billion, and that banks and brokerages are expanding their custody and trading services. Despite a 53.4% drawdown from its October 2025 peak, Bitwise characterized the recent decline as the shallowest in bitcoin's history. The firm also highlighted bitcoin's increasing correlation with gold, reaching a record 0.58 in September 2026, suggesting a growing role as a store-of-value asset.