Bitcoin Could More Than Triple to $230,000 by 2035, Ned Davis Research Says

Bitcoin is changing hands near $76,300, but a new long-term analysis argues the world's largest cryptocurrency could climb to roughly $170,000 by 2030 and $230,000 by 2035. The projections come from Ned Davis Research and rest on a framework that treats expanding user adoption, not the token's capped supply, as the decisive driver of future value.

John LaForge, chief alternatives strategist at the Florida-based investment research firm, laid out seven valuation methods that investors commonly apply to Bitcoin: network adoption, comparisons to gold, money-supply growth, production costs, portfolio risk, adoption cycles, and the stock-to-flow model. His preferred lens is network adoption, which tracks on-chain and market-based signals such as the number of wallet holders, exposure through exchange-traded funds, addresses carrying balances, and daily active users.

That focus puts demand squarely at the center of the debate. Bitcoin's 21 million coin cap is already known to every market participant, so LaForge's argument is that price appreciation will depend on whether new investors and users actually join the network, rather than on scarcity alone.

"Understanding Bitcoin's value requires more than just observing its limited supply; it's crucial to consider whether new investors and users are flocking to the network," he said.