Bitcoin could reach $230,000 by 2035, Ned Davis Research projects

Ned Davis Research (NDR) has projected that Bitcoin could reach approximately $170,000 by 2030 and as much as $230,000 by 2035, contingent upon expanded network adoption.

In a recent report, senior alternative investment strategist John LaForge outlined seven distinct methodologies for evaluating Bitcoin's intrinsic value: network adoption rates, comparison to gold, global money supply growth, mining production costs, portfolio risk contribution, Bitcoin adoption cycles, and the stock-to-flow model.

LaForge highlighted network adoption—measured through the number of direct and ETF holders, total addresses, and daily active addresses—as the most critical metric because it utilizes Bitcoin's own internal data. Other factors include the correlation with global money supply growth (noting positive trends when growth exceeds 4%) and mining costs. According to CoinShares, the average production cost for public mining companies in Q2 was approximately $75,500 per Bitcoin.

While the stock-to-flow model is widely used to measure scarcity, LaForge expressed caution regarding its accuracy, noting that it often fails to account for demand shifts and has recently shown significant discrepancies compared to actual market prices.