CF Benchmarks views bitcoin as portfolio staple, projects $1.4 million price target by 2035

CF Benchmarks, a subsidiary of Kraken, released a report arguing that institutional investors are increasingly viewing Bitcoin through the lens of portfolio construction rather than short-term speculation. The firm applies traditional capital market models to Bitcoin, using valuation frameworks like comparative value against stores of value and production economics. Based on these models, CF Benchmarks projects a base-case price of approximately $1.42 million by 2035, assuming Bitcoin captures about one-third of gold's market capitalization. The analysis suggests that a strategic allocation of 2% to 5% in Bitcoin could enhance portfolio efficiency due to its high expected returns, declining volatility, and low correlation with traditional assets. Scenarios range from a bear case of $637,000 to a bull case of nearly $2.95 million by 2035.

(Source：CoinDesk)