Hong Hao says Bitcoin’s 21 million cap supports long-term $1 million target

Economist Hong Hao said Bitcoin’s fixed 21 million supply cap underpins its scarcity and long-term value, supporting a long-term $1 million target, and compared that scarcity with gold’s at a Binance offline private event on July 31. He said his team’s cycle model points to an important new market window around the transition between the third and fourth quarters, while urging investors to remain patient amid uncertainty. Hong has also said gold could reach $10,000 over the long term. Earlier remarks from the same event said a major correction window had opened and could last until around the end of August, with markets still in deleveraging even as a short-term double-digit rebound remained possible. He also cited the KOSPI’s pullback, concentration in technology shares, Korean regulation and overseas leveraged ETFs as risks, and said stock contracts tied to Samsung Electronics, SK Hynix and Hyundai Motor could lower entry barriers, broaden participation and improve price discovery as trading moves toward 24-hour on-chain markets.