Forecasts for $1 million bitcoin price likely look too ambitious, key ratio suggests

According to reporting from CoinDesk, forecasts for a $1 million bitcoin price may be overly optimistic. The key factor contributing to this assessment is the high yield on long-term U.S. Treasuries, which makes non-yielding assets like bitcoin less attractive to investors.

This dynamic is based on the thesis that when traditional assets offer competitive yields, investors may be less inclined to hold non-yielding assets. As a result, the prospect of bitcoin reaching a $1 million price point may seem less likely.