CF Benchmarks considers Bitcoin a core asset in its portfolio and predicts its price will reach $1.4 million by 2035.

CF Benchmarks, a wholly owned subsidiary of cryptocurrency exchange Kraken, said on Thursday that institutional investors are increasingly analyzing Bitcoin from a portfolio construction perspective rather than focusing on short-term price cycles. The company predicts that Bitcoin's base scenario price will reach $1.4 million by 2035. Bitcoin can be evaluated using the same capital market assumptions as traditional assets, including metrics such as expected returns, volatility, and correlation. Based on different adoption paths, CF Benchmarks has derived a series of long-term valuations for Bitcoin up to 2035.