According to online reports, André Dragosch, head of European research at Bitwise, predicts that Bitcoin may reach US$1 million in 2029, and its market value will surpass gold (currently US$21.7 trillion). Its analysis pointed out that the basic target price of Bitcoin in the 2025 cycle is US$200,000. If the U.S. government directly allocates Bitcoin through a "budget neutral" strategy, it may rise to US$500,000. The U.S. spot Bitcoin ETF exceeded expectations in its first year, and BlackRock IBITETF recorded the fastest growth record in history. Dragosch believes that as channels for large investment banks such as Merrill Lynch and Morgan Stanley gradually open up,"structural capital inflows" will extend the Bitcoin cycle.