Bitcoin has had a difficult few months. The world's largest cryptocurrency hit an all-time high of $126,198 in October 2025, followed by series of crashes. Bitcoin trades at about $82,703 at
Bitcoin has had a difficult few months.
The world's largest cryptocurrency hit an all-time high of $126,198 in October 2025, followed by series of crashes. Bitcoin trades at about $82,703 at the time of writing, still roughly 35% below its all-time high.
However, at least one Wall Street veteran is still bullish.
John Koudounis, president and CEO of Calamos Investments, still expects Bitcoin to reach $1 million, that target implies a gain of roughly 1,100% from today's price action.
Koudounis leads Calamos, a U.S. asset manager overseeing about $50 billion in client money that also runs a range of Bitcoin-linked exchange-traded funds — ETFs, the products that let people buy exposure to an asset through a regular brokerage account.
He earned the distinction of being the youngest CEO on Wall Street during his tenure running Mizuho Securities USA, the American arm of Japanese banking giant Mizuho Financial Group.
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Koudounis builds the case on the technology underneath Bitcoin.
Blockchain — the shared digital ledger that records every Bitcoin transaction — is "gonna be the way of the future," he says.
His favorite example is an everyday frustration in banking.
A wire sent through SWIFT, the messaging network banks use to move money across borders, can sit idle over a weekend if it goes out late on a Friday.
L-R) John Koudounis, CEO of global investment firm Calamos Investments, professional basketball player Giannis Antetokounmpo, and John Calamos, Chairman and Global Chief Investment Officer of Calamos Investments pose for a photo before they ring the closing bell at New York Stock Exchange on March 31, 2023 in New York City. (Photo by Mike Coppola/Getty Images)
"Who keeps all of that money and the interest over the weekend? The banks do," he told BMTV in an interview, calling it "such an antiquated system."
Bitcoin, by contrast, trades around the clock, every day of the year.
Koudounis also calls it "truly nonpartisan," noting that banks have refused to serve certain customers in the past.
The data backs the frustration. Per the Financial Stability Board's latest progress report on the G20's payment targets, only about half of cross-border payments sent over SWIFT — 50.6% — deliver funds to the recipient within an hour, and the figure has been falling, not rising.
For retail payments, just a third settle within an hour of initiation.
Cost tells the same story, the World Bank's Remittance Prices Worldwide data puts the average cost of sending $200 abroad at 6.36% — more than double the 3% target the G20 set for 2030.
Koudounis first made the $1 million call at a Bitcoin event in Abu Dhabi a year ago, with 2030 as the target date.
He has since kept the number and loosened the deadline: the price may not get there by 2030, he now says, but he still expects it to reach "that level and more."
Financial advisers worldwide manage about $146 trillion, by his count, and only a tiny share of that has touched Bitcoin.
As more banks accept the asset — and some begin lending against it — he expects Bitcoin to become a small standard slice of most portfolios. Even a modest allocation from a pool that size would mean enormous new demand, which is why Calamos prefers Bitcoin to gold.
His firm, Calamos, sells Bitcoin investments too.
In January 2025, Calamos launched the world's first Bitcoin fund that protects investors from all losses — if Bitcoin crashes, the fund's structure shields your money, and in exchange your gains are capped. It followed with versions that protect 90% and 80% of the money.
He also made a shorter-term call: he thinks Oct. 6 was the day Bitcoin's fall finally ended.
On Oct. 6 last year, Bitcoin hit the highest price it has ever reached — close to $126,000.
On Oct. 6 this year, exactly one year later, it was trading around $86,000. That's about a third less. Koudounis believes that day was the low point, and that prices will climb from there.
In the days after his call, Bitcoin fell further, to around $80,600 by Oct. 8.
Rising oil prices stoked fears about inflation, and investors pulled $484.9 million out of U.S. Bitcoin funds in a single day, the most since June.
The Crypto Fear & Greed Index runs from 0 (extreme fear) to 100 (extreme greed) and tracks factors such as price swings, trading volume and social media buzz.
It now sits at 58, in “neutral” territory, after spending most of the past week in “greed.” That suggests investors are neither panicking nor rushing to buy.
Source: CoinGlassGiant Bitcoin predictions are almost a tradition among famous investors. The track record is worth knowing:
• Cathie Wood: the ARK Invest chief's bull case has Bitcoin at $1.5 million by 2030, with her firm's base case in the $700,000 range.
• Michael Saylor: the Strategy chairman has gone furthest of all, projecting Bitcoin at $13 million over the next two decades.
• Arthur Hayes: the BitMEX co-founder called for $750,000 to $1 million by the end of 2026. With Bitcoin near $82,700 and the year almost over, that one needs a miracle quarter.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and risky. Always conduct your own research before making any investment decisions.
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