Bitcoin to Hit $1 Million by 2029? CIA, Bitwise, and Global Trends Signal New Crypto Era
Bitcoin as a Strategic Asset: CIA Backs Institutional Involvement
In a rare public endorsement, Michael Ellis, Deputy Director of the CIA, described Bitcoin as a national security asset, confirming the agency’s active role in tracking and utilizing the cryptocurrency for intelligence purposes.
On The Pomp Podcast, Ellis revealed that Bitcoin has become part of the CIA’s data-gathering in counterintelligence operations, stating:
“Bitcoin is here to stay — cryptocurrency is here to stay.“
Ellis applauded the wave of institutional adoption, calling it a “great trend” aligned with the U.S. administration’s forward-leaning stance on crypto integration.
Kraken Outs North Korean Hacker Trying to Infiltrate via Job Interview
U.S.-based exchange Kraken uncovered a North Korean hacker during a routine hiring process. The applicant reportedly used multiple identities and voices, prompting Kraken to conduct an internal investigation before reporting the activity.
The attempt reflects growing threats of state-sponsored cybercrime targeting U.S. crypto infrastructure, reinforcing the need for proactive defense in the sector.
EU Moves to Outlaw Anonymous Crypto Use by 2027
The European Union is implementing new Anti-Money Laundering Regulation (AMLR) measures that will ban privacy coins and anonymous crypto accounts by 2027.
Tokens like Monero (XMR) and Zcash (ZEC) will be directly affected, as service providers will be barred from handling these assets. The crackdown aims to remove digital financial opacity, but it raises serious privacy concerns within the community.
Ethereum Faces Identity Crisis as Investment Firm Drops ETH
Investment advisory firm Two Prime has dropped Ethereum, describing its market behavior as comparable to “a memecoin.”
ETH has dropped 45% year-to-date, prompting the firm to pivot fully to Bitcoin. With $1.5 billion in active loans and a shift in market outlook, Two Prime said ETH’s value proposition had collapsed beyond recovery.
This decision casts doubt on Ethereum’s ability to retain institutional support in the face of network saturation and inconsistent governance.
Movement Labs Suspends Co-founder After Token Controversy
Movement Labs has suspended co-founder Rushi Manche, following a controversial market maker deal involving Rentech. Coinbase recently delisted the project’s MOVE token, citing unmet listing standards.
The Movement Network Foundation has initiated a third-party investigation led by Groom Lake, a private intelligence firm, to determine if internal misconduct played a role in the collapse of MOVE’s credibility.
Crypto Market Overview: Weekly Winners, Losers, and Big Numbers
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Bitcoin (BTC) closed the week at $96,615
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Ether (ETH) sits at $1,835
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XRP trades at $2.20
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Global market cap: $3.01 trillion
Top gainers:
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Virtuals Protocol (VIRTUAL) +83.35%
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Pudgy Penguins (PENGU) +33.75%
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Monero (XMR) +22.99%
Top losers:
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Ethena (ENA) –17.56%
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Bitcoin SV (BSV) –15.40%
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Optimism (OP) –14.12%
Prediction of the Week: Bitcoin to Match Gold Market Cap by 2029
Bitwise’s André Dragosch predicts that Bitcoin will reach $1 million per coin by 2029, driven by institutional ETF demand and government adoption.
“Our in-house prediction is $1 million by 2029… to match gold’s $21.7 trillion market cap.”
Currently, Bitcoin’s market cap stands at $1.9 trillion, ranking it as the seventh-largest asset globally. If Dragosch’s forecast holds, Bitcoin would have to grow more than 10x over the next four years.
FUD of the Week: U.S. Treasury Targets Cambodia’s Huione Group
The U.S. Treasury’s FinCEN has proposed banning financial institutions from doing business with Cambodia-based Huione Group, accusing it of laundering funds for North Korea’s Lazarus Group.
According to U.S. officials, Huione has helped launder billions of dollars, serving as a “marketplace of choice” for malicious actors using crypto to fund cybercrime.
UK’s FCA Plans Ban on Crypto Investing with Borrowed Funds
The UK’s Financial Conduct Authority (FCA) intends to prohibit retail investors from borrowing to fund crypto purchases, citing concerns over investor protection.
David Geale, executive director at the FCA, emphasized the need for a balanced approach to innovation and regulation:
“Crypto is an area of potential growth… but it has to be done right.”
Notable Quotes of the Week
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André Dragosch, Bitwise: “Bitcoin will match gold’s market cap by 2029.”
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Changpeng “CZ” Zhao: “Freedom of money requires freedom of speech. If you lose that, nothing works.”
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Eric Trump: “If banks don’t adapt, they’ll be extinct in 10 years.”
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Paolo Ardoino, Tether: “I didn’t apply for the MiCA license to protect our 400 million users.”
