{"id":24956,"date":"2025-05-02T18:02:07","date_gmt":"2025-05-02T18:02:07","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=24956"},"modified":"2025-05-02T18:02:07","modified_gmt":"2025-05-02T18:02:07","slug":"bitcoin-etfs-govt-adoption-to-drive-btc-to-1m-by-2029-finance-redefined","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=24956","title":{"rendered":"Bitcoin ETFs, gov\u2019t adoption to drive BTC to $1M by 2029: Finance Redefined"},"content":{"rendered":"
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\"Bitcoin<\/p>\n

The cryptocurrency market continued its recovery in the past week as the total crypto market capitalization breached the $3 trillion mark for the first time since the beginning of March.<\/p>\n

Bitcoin (BTC<\/a>) rose to an over two-month high of $97,300 last seen at the end of February, before the \u201cLiberation Day\u201d tariffs announcement in the US, bolstering analyst predictions for a rally driven by \u201cstructural\u201d institutional and exchange-traded fund (ETF) inflows into the world\u2019s first cryptocurrency.<\/p>\n

Risk appetite continued rising among crypto investors, as Chinese state-linked news outlets indicated that the Trump administration has quietly contacted Beijing to discuss tariff reductions.<\/p>\n

\"Bitcoin
Total crypto market cap, 1-year chart. Source: CoinMarketCap<\/em><\/figcaption><\/figure>\n

In the wider crypto space, Ethereum developers proposed a new token standard to improve the interoperability of the world\u2019s second-largest blockchain network.<\/p>\n

Bitcoin to $1 million by 2029 fueled by ETF and gov\u2019t demand \u2014 Bitwise exec<\/h2>\n

Bitcoin\u2019s expanding institutional adoption may provide the \u201cstructural\u201d inflows necessary to surpass gold\u2019s market capitalization and push its price beyond $1 million by 2029, according to Bitwise\u2019s head of European research, Andr\u00e9 Dragosch.<\/p>\n

\u201cOur in-house prediction is $1 million by 2029. So that Bitcoin will match gold’s market cap and total addressable market by 2029,\u201d he told Cointelegraph during the Chain Reaction daily X spaces show<\/a> on April 30.<\/p>\n

Gold is currently the world\u2019s largest asset, valued at over $21.7 trillion. In comparison, Bitcoin\u2019s market capitalization sits at $1.9 trillion, making it the seventh-largest asset globally, according<\/a> to CompaniesMarketCap data.<\/p>\n

\"Bitcoin
Top 10 global assets by market capitalization. Source: CompaniesMarketCap<\/em><\/figcaption><\/figure>\n

For the 2025 market cycle, Bitcoin may surpass $200,000 in the \u201cbase case\u201d and $500,000 with more governmental adoption, Dragosch said.<\/p>\n

Continue reading<\/strong><\/a><\/p>\n

Eric Trump: USD1 will be used for $2 billion MGX investment in Binance<\/h2>\n

Abu Dhabi-based investment firm MGX will use a stablecoin linked to US President Donald Trump\u2019s family to settle a $2 billion investment in Binance, the world\u2019s largest cryptocurrency exchange.<\/p>\n

The World Liberty Financial USD<\/a> (USD1) US dollar-pegged stablecoin was launched by the Trump-associated crypto platform World Liberty Financial (WLFI) in March 2025.<\/p>\n

MGX will use the USD1 stablecoin for its $2 billion investment in the Binance exchange, according to an announcement by Eric Trump during a panel discussion at Token2049 in Dubai. Trump, the son of the president, serves as executive vice president of the Trump Organization.<\/p>\n

\"Bitcoin
Source: <\/em>Cointelegraph<\/em><\/a><\/figcaption><\/figure>\n

MGX announced its<\/a> investment in Binance on March 12, marking the first institutional investment in the exchange and one of the biggest funding deals in the entire Web3 industry.<\/p>\n

At the time, Binance declined Cointelegraph\u2019s request to disclose what stablecoin was used in the transaction.\u00a0\u00a0<\/p>\n

This marks the Abu Dhabi-based investment firm\u2019s first venture into the cryptocurrency space.<\/p>\n

Continue reading<\/strong><\/a><\/p>\n

Ethereum to simplify crosschain transactions with new token standards<\/h2>\n

Ethereum developers are working to improve blockchain interoperability with two new token standards: ERC-7930 and ERC-7828.<\/p>\n

\u201cThere\u2019s no standard way for wallets, apps, or protocols to interpret or display this information,\u201d decentralized finance (DeFi) ecosystem<\/a> development organization Wonderland wrote in a May 1 X post<\/a>. Wallets, decentralized applications (DApps)<\/a>, block explorers and smart contracts follow different rules.<\/p>\n

\u201cThe result? A messy, inconsistent experience that breaks crosschain UX,\u201c Wonderland stated.<\/p>\n

Wonderland is a group of developers, researchers and data scientists focused on improving the Ethereum DeFi ecosystem. The organization partnered<\/a> with multiple DeFi protocols, including Optimism, Aztec, Connext and Yearn.<\/p>\n

\"Developers\"
Wonderland\u2019s ERC-7828 and ERC-7930 explanation post. Source: <\/em>Wonderland<\/em><\/a><\/figcaption><\/figure>\n

In the post, the organization shared what was discussed<\/a> at a recent Ethereum Foundation interoperability working group call. Teddy<\/a> from Wonderland explained that the current goal is to finalize both token standards within the next two weeks. He added:<\/p>\n

\u201cWe badly need feedback on the ETH-Magicians forum.\u201d<\/p><\/blockquote>\n

Continue reading<\/strong><\/a><\/p>\n

Crypto hackers hit DeFi for $92 million in April as attacks double from March<\/h2>\n

Cryptocurrency hackers stole more than $90 million in April, dealing another blow to the industry\u2019s mainstream reputation despite ongoing efforts to improve cybersecurity.<\/p>\n

Hackers made off with $92 million of digital assets across 15 incidents in April, according to an April 30 research report by blockchain cybersecurity firm Immunefi.<\/p>\n

The total marks a 124% month-over-month increase from March, when hackers stole $41 million.<\/p>\n

\"Bitcoin
Crypto stole in April 2025. Source: Immunefi<\/em><\/figcaption><\/figure>\n

The month\u2019s largest hack on open-source platform UPCX accounted for most of the damage in April, with over $70 million<\/a> in losses, while KiloEx lost $7.5 million<\/a> as April\u2019s second-largest hack.<\/p>\n

The KiloEx exploiter returned<\/a> the stolen funds just days after the attack occurred.<\/p>\n

All of April\u2019s reported attacks targeted decentralized finance (DeFi) platforms. Centralized exchanges reported no incidents during the month, the report noted.<\/p>\n

\"Bitcoin
Top 10 losses in April. Source: Immunefi<\/em><\/figcaption><\/figure>\n

Immunefi, which says it helps protect $190 billion in user funds, has paid more than $116 million in bounties to white hat hackers.<\/p>\n

Continue reading<\/strong><\/a><\/p>\n

Crypto group asks Trump to end prosecution of crypto devs, Roman Storm<\/h2>\n

The crypto lobby group, the DeFi Education Fund, has petitioned the Trump administration to end what it claimed was the \u201clawless prosecution\u201d of open-source software developers, including Roman Storm, a creator of the crypto mixing service Tornado Cash.<\/p>\n

In an April 28 letter<\/a> to White House crypto czar David Sacks<\/a>, the group urged President Donald Trump \u201cto take immediate action to discontinue the Biden-era Department of Justice’s lawless campaign to criminalize open-source software development.\u201d\u00a0<\/p>\n

The letter specifically mentioned the prosecution of Storm, who was charged<\/a> in August 2023 with helping launder over $1 billion in crypto through Tornado Cash. His trial is still set for July<\/a>, and his fellow charged co-founder, Roman Semenov, is at large and believed to be in Russia.<\/p>\n

The DeFi Education Fund said that in Storm\u2019s case, the Department of Justice is attempting to hold software developers<\/a> criminally liable for how others use their code, which is \u201cnot only absurd in principle, but it sets a precedent that potentially chills all crypto development in the United States.\u201d<\/p>\n

The group also called for the recognition that the prosecution contradicts the Treasury Department\u2019s Financial Crimes Enforcement Network (FinCEN) guidance from Trump\u2019s first term, which established that developers of self-custodial, peer-to-peer protocols are not money transmitters.\u00a0<\/p>\n

\"Bitcoin
Source: <\/em>DeFi Education Fund<\/em><\/a><\/figcaption><\/figure>\n

\u201cThis kind of legal environment does not just chill innovation \u2014 it freezes it,\u201d they argued. The letter added that it also \u201cempowers politically-motivated enforcement and puts every open-source developer at risk, regardless of industry.\u201d<\/p>\n

In January, a federal court in Texas ruled that the Treasury overstepped its authority<\/a> by sanctioning Tornado Cash.\u00a0<\/p>\n

Continue reading<\/strong><\/a><\/p>\n

DeFi market overview<\/strong><\/h2>\n

According to data from Cointelegraph Markets Pro<\/a> and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.<\/p>\n

The Virtuals Protocol (VIRTUAL) token rose over 103% as the week\u2019s biggest gainer, followed by the Solayer (LAYER) token, up over 29% during the past week.<\/p>\n

\"Bitcoin
Total value locked in DeFi. Source: DefiLlama<\/em><\/figcaption><\/figure>\n

Thanks for reading our summary of this week\u2019s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.<\/p>\n