Bitcoin is having a moment – again. After breaking past its previous all-time high, the price of BTC surged over $109,000, fueling fresh speculation that the cryptocurrency could be headed toward the long-rumored $500,000 mark. While that number might sound like wishful thinking to some, a growing number of voices in the space believe it’s not only possible but probable.
One of the most vocal advocates of this bold prediction is Adam Back, a long-time Bitcoin supporter known for his bullish takes. According to him, the current cycle could take Bitcoin anywhere from $500K to even $1 million. He dismisses the popular theory of “diminishing returns” in Bitcoin’s market cycles, saying that the bears have it completely wrong this time around.
Others in the space are a bit more cautious but still optimistic. Analysts from Bitfinex are projecting a price range of $150K to $180K, which may seem conservative in comparison but still signals strong upward momentum. Meanwhile, Vibes Capital Management isn’t mincing words. They’ve publicly stated that they’re confident Bitcoin is on track for $500K, citing not just vibes, but real market factors like an estimated $100 billion in potential buy volume from corporate treasuries. They also believe the U.S. government could be a surprising source of upward pressure if it follows through on accumulating BTC through executive channels.
BREAKING: Bitcoin reaches new all-time high of $109,424. pic.twitter.com/XLAzefxYxC
— Watcher.Guru (@WatcherGuru) May 21, 2025
The idea of the U.S. government buying Bitcoin might sound far-fetched, but there’s actually a formal 60-day timeline in place for delivering recommendations to the president on this very matter. These recommendations involve ways to accumulate Bitcoin without adding to the national deficit – essentially, a budget-neutral strategy. While this has nothing to do with the more stagnant “Bitcoin bill” stuck in Congress, any movement from the executive branch could be a major signal to the market. Even a relatively small buy from the government would make waves and likely trigger more institutional FOMO.
Globally, the trend continues. A company in China has announced plans to buy 5,000 BTC, while another called “21” is aiming for 42,000 BTC- some of which they’ve reportedly already acquired. These aren’t small players testing the waters; they’re making major commitments. New investment vehicles like the Nakamoto fund from BTC Inc. and strategies from Strive Management are also entering the arena, signaling that the appetite for Bitcoin exposure is growing rapidly.
There’s also a key shift happening in how Bitcoin is held. Spot ETFs, such as BlackRock’s IBIT, are now consistently pulling in massive inflows. IBIT recently marked its 19th consecutive day of positive inflows, adding $365 million and surpassing $1 billion in net new investment since mid-April. While some worry that ETFs and public companies might centralize too much Bitcoin, current data shows they hold around 5% of the total supply – still relatively modest. And since these institutions are owned by millions of shareholders, it’s far from a single point of control.
Another interesting stat? In 2021, Bitcoin closed above $60,000 on 40 different days. In the current cycle, it’s already closed above $100,000 on at least 37 days, and counting. This suggests that the strength of this bull run may already be outpacing the last one, not just in price but in staying power.
With major conferences like BTC Prague and BTC in DC on the horizon, and more companies than ever joining the Bitcoin conversation, the momentum feels different this time. It’s not just hype; it’s supported by growing institutional interest, international buying, and potential government involvement.
So, is $500K really on the table? If you ask the people closest to the market, they’ll tell you it’s not a matter of “if,” but “when.”
Read also: This XRP Chart Signals a 300% Rally – Analyst Says It’s an ‘Insane Opportunity’
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