Bitwise analysts have projected that Bitcoin could become the top-performing institutional asset over the next decade, potentially reaching a price of $1.3 million by 2035. This forecast suggests a compound annual growth rate of 28.3%, surpassing returns from most traditional assets. The report highlights three key drivers for this growth: Bitcoin's increasing status as an institutional asset, rising demand for hard assets amid inflation, and its fixed supply. Despite the optimistic outlook, Bitwise cautions that volatility will remain a significant market feature, and investors should be prepared for substantial drawdowns. The firm identifies regulatory changes, legislative shifts, and the challenges of new assets as major risks, while technological threats like quantum computing are considered secondary concerns.