Transform Ventures CEO: Bitcoin in early stage of 3-year bull run, $1M possible by 2037
- —Terpin: this drawdown was about 54%, versus 77–85% in previous cycles
- —Institutions, including ETFs and corporate treasuries, hold under 20% of bitcoin
- —He sees a return above $120,000 likely in Q4 2027
- —A $1 million BTC requires a supply shock, not gradual gains; timeline 2037
Why it matters: Institutional ownership below 20% points to room for capital inflows, but the $1M call hinges on a supply shock.
Source: TokenPost