HashKey’s Xu Han Predicts: Bitcoin Will Smash $1M by 2035—Here’s Why

Bitcoin’s next bull run could rewrite the rules of finance—and HashKey’s Xu Han is betting big on a seven-figure future.

The $1M Moon Shot

Forget slow-and-steady. Han’s bullish case hinges on Bitcoin’s hardening scarcity, institutional FOMO, and the cold, hard math of halvings. By 2035, he says, the stars align for a price explosion that’ll make today’s ATH look quaint.

Wall Street’s Love-Hate Tango

ETF approvals, hedge fund allocations—even pension funds are dipping toes. But Han’s forecast mocks the suits who still call crypto a ‘fraud’ between secret portfolio rebalances.

The Cynic’s Corner

Sure, a million sounds insane… unless you remember when $10K seemed delusional. Either way, trad finance won’t admit they’re scared of becoming the middleman.

‘The Bull Run Isn’t Over’

During the Cryptonews interview, Xu argued that there’s “compelling evidence that the crypto cycle is still in a growth phase,” with the dollar expected to depreciate against major fiat currencies by up to 10% in the coming 12 to 24 months.

“Another key factor is the anticipated policy shift by the Federal Reserve — rate cuts and the wind-down of quantitative tightening are expected to inject fresh liquidity into markets. Historically, crypto has responded positively to such shifts.”

On-chain data also indicates there’s lower selling pressure from longer-term holders, while short-term traders are repositioning.

“These behavioral shifts, combined with still-strong ETF inflows, suggest we haven’t yet reached the speculative peak that usually characterizes the later stages of a bull market. If anything, the underlying fundamentals today are stronger than in previous cycles, which would be evidenced by the growing number of Bitcoin treasury companies inspired by MicroStrategy’s success.”

Xu went on to reveal that HashKey Capital believes there’s “a plausible trajectory where bitcoin could reach the $1 million mark” by 2035.

“It’s clear that the institutional embrace of Bitcoin’s role as a digital store of value will continue gaining momentum, especially as portfolio integration accelerates across traditional finance. Our central thesis projects Bitcoin’s market capitalization could eventually match that of investable Gold — comprising physical bars, coins, and ETF holdings — over the coming decade.”

Zooming back into the current bull market, Xu conceded that it’s been a “soft” second quarter for altcoins — but select names could be gearing up for a “strong performance” in Q3.

“Ethereum’s fundamentals remain solid: it still hosts the majority of tokenized assets and smart contract activity. Although its ETH/BTC ratio has declined, we interpret that as a result of ETF capital concentration in Bitcoin rather than a loss of utility.”

The crypto analyst noted that solana has also demonstrated “impressive traction” — especially considering it has achieved mainstream integrations with the likes of Strike and PayPal — and continues to capture DeFi activity.

“Meanwhile, liquid staking and restaking protocols like Lido and EigenLayer offer a unique yield LAYER that institutional allocators increasingly recognize. These assets tend to act as high-beta amplifiers in the late stages of crypto rallies, and their yield dynamics provide additional upside in risk-on environments.”

The bullish predictions come against a backdrop of renewed economic uncertainty — first driven by Donald Trump’s tariffs on Liberation Day, and latterly exacerbated by growing tensions in the Middle East.

YouHolder risk manager Andrejs Balans told Cryptonews that recent developments led to more than $1 billion in Leveraged positions being liquidated — and bullish traders were hit hardest because they were unprepared.

“This weekend’s events demonstrate that, while crypto is decentralized in structure, it remains deeply influenced by global politics and investor psychology. For those in the market, adapting to a world of sudden shocks may be just as important as spotting the next big opportunity. In the NEAR term, we can expect continued volatility.”