Bitcoin ETFs, gov’t adoption to drive BTC to $1M by 2029: Finance Redefined
The cryptocurrency market continued its recovery in the past week as the total crypto market capitalization breached the $3 trillion mark for the first time since the beginning of March.
Bitcoin (BTC) rose to an over two-month high of $97,300 last seen at the end of February, before the “Liberation Day” tariffs announcement in the US, bolstering analyst predictions for a rally driven by “structural” institutional and exchange-traded fund (ETF) inflows into the world’s first cryptocurrency.
Risk appetite continued rising among crypto investors, as Chinese state-linked news outlets indicated that the Trump administration has quietly contacted Beijing to discuss tariff reductions.
In the wider crypto space, Ethereum developers proposed a new token standard to improve the interoperability of the world’s second-largest blockchain network.
Bitcoin to $1 million by 2029 fueled by ETF and gov’t demand — Bitwise exec
Bitcoin’s expanding institutional adoption may provide the “structural” inflows necessary to surpass gold’s market capitalization and push its price beyond $1 million by 2029, according to Bitwise’s head of European research, André Dragosch.
“Our in-house prediction is $1 million by 2029. So that Bitcoin will match gold’s market cap and total addressable market by 2029,” he told Cointelegraph during the Chain Reaction daily X spaces show on April 30.
Gold is currently the world’s largest asset, valued at over $21.7 trillion. In comparison, Bitcoin’s market capitalization sits at $1.9 trillion, making it the seventh-largest asset globally, according to CompaniesMarketCap data.
For the 2025 market cycle, Bitcoin may surpass $200,000 in the “base case” and $500,000 with more governmental adoption, Dragosch said.
Eric Trump: USD1 will be used for $2 billion MGX investment in Binance
Abu Dhabi-based investment firm MGX will use a stablecoin linked to US President Donald Trump’s family to settle a $2 billion investment in Binance, the world’s largest cryptocurrency exchange.
The World Liberty Financial USD (USD1) US dollar-pegged stablecoin was launched by the Trump-associated crypto platform World Liberty Financial (WLFI) in March 2025.
MGX will use the USD1 stablecoin for its $2 billion investment in the Binance exchange, according to an announcement by Eric Trump during a panel discussion at Token2049 in Dubai. Trump, the son of the president, serves as executive vice president of the Trump Organization.
MGX announced its investment in Binance on March 12, marking the first institutional investment in the exchange and one of the biggest funding deals in the entire Web3 industry.
At the time, Binance declined Cointelegraph’s request to disclose what stablecoin was used in the transaction.
This marks the Abu Dhabi-based investment firm’s first venture into the cryptocurrency space.
Ethereum to simplify crosschain transactions with new token standards
Ethereum developers are working to improve blockchain interoperability with two new token standards: ERC-7930 and ERC-7828.
“There’s no standard way for wallets, apps, or protocols to interpret or display this information,” decentralized finance (DeFi) ecosystem development organization Wonderland wrote in a May 1 X post. Wallets, decentralized applications (DApps), block explorers and smart contracts follow different rules.
“The result? A messy, inconsistent experience that breaks crosschain UX,“ Wonderland stated.
Wonderland is a group of developers, researchers and data scientists focused on improving the Ethereum DeFi ecosystem. The organization partnered with multiple DeFi protocols, including Optimism, Aztec, Connext and Yearn.
In the post, the organization shared what was discussed at a recent Ethereum Foundation interoperability working group call. Teddy from Wonderland explained that the current goal is to finalize both token standards within the next two weeks. He added:
“We badly need feedback on the ETH-Magicians forum.”
Crypto hackers hit DeFi for $92 million in April as attacks double from March
Cryptocurrency hackers stole more than $90 million in April, dealing another blow to the industry’s mainstream reputation despite ongoing efforts to improve cybersecurity.
Hackers made off with $92 million of digital assets across 15 incidents in April, according to an April 30 research report by blockchain cybersecurity firm Immunefi.
The total marks a 124% month-over-month increase from March, when hackers stole $41 million.
The month’s largest hack on open-source platform UPCX accounted for most of the damage in April, with over $70 million in losses, while KiloEx lost $7.5 million as April’s second-largest hack.
The KiloEx exploiter returned the stolen funds just days after the attack occurred.
All of April’s reported attacks targeted decentralized finance (DeFi) platforms. Centralized exchanges reported no incidents during the month, the report noted.
Immunefi, which says it helps protect $190 billion in user funds, has paid more than $116 million in bounties to white hat hackers.
Crypto group asks Trump to end prosecution of crypto devs, Roman Storm
The crypto lobby group, the DeFi Education Fund, has petitioned the Trump administration to end what it claimed was the “lawless prosecution” of open-source software developers, including Roman Storm, a creator of the crypto mixing service Tornado Cash.
In an April 28 letter to White House crypto czar David Sacks, the group urged President Donald Trump “to take immediate action to discontinue the Biden-era Department of Justice’s lawless campaign to criminalize open-source software development.”
The letter specifically mentioned the prosecution of Storm, who was charged in August 2023 with helping launder over $1 billion in crypto through Tornado Cash. His trial is still set for July, and his fellow charged co-founder, Roman Semenov, is at large and believed to be in Russia.
The DeFi Education Fund said that in Storm’s case, the Department of Justice is attempting to hold software developers criminally liable for how others use their code, which is “not only absurd in principle, but it sets a precedent that potentially chills all crypto development in the United States.”
The group also called for the recognition that the prosecution contradicts the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) guidance from Trump’s first term, which established that developers of self-custodial, peer-to-peer protocols are not money transmitters.
“This kind of legal environment does not just chill innovation — it freezes it,” they argued. The letter added that it also “empowers politically-motivated enforcement and puts every open-source developer at risk, regardless of industry.”
In January, a federal court in Texas ruled that the Treasury overstepped its authority by sanctioning Tornado Cash.
DeFi market overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.
The Virtuals Protocol (VIRTUAL) token rose over 103% as the week’s biggest gainer, followed by the Solayer (LAYER) token, up over 29% during the past week.
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
Current fiscal and monetary policies will cause hard asset prices to rise, but both are signs of late-stage economic decay, Dalio said.
The US Treasury Department accepted comments related to the implementation of the stablecoin bill until Tuesday as part of the law’s planned rollout.
The two-child benefit cap: To scrap or not to scrap?
There is an ongoing row in the Labour Party about welfare spending and how to cut it while maintaining protections for the most vulnerable.
Those on the left are suspicious of anything that may look or smell like balancing the books on the backs of the poorest in society.
Those on the other side point to an unsustainable welfare bill that has been allowed to balloon under the Conservatives and looks set to continue under Labour.
Rachel Reeves will have to weigh up finding between £3bn and £4bn to scrap the cap, or face the wrath of Labour MPs on small majorities who believe they were elected to deliver on ‘Labour values’ like lifting this very cap.
But perhaps there is a compromise the chancellor could opt for, which may placate the left of her party while needing less cash.
For example, according to the Institute for Fiscal Studies, lifting the cap from two to three children would cost £2.6bn; or a tapered system, where parents got the full amount for the first two kids and then half the amount for any subsequent children, would cost around £1.8bn.
But Labour big beast David Blunkett – the only senior Labour figure against lifting the cap – wants to see a more nuanced approach.
Blunkett believes the cap ought to remain, but he wants there to be exemptions for disabled children and parents who have been widowed, and he would prefer the government to focus on anti-child poverty measures and improving pathways to work for parents, all paid for by a tax on gambling – something former prime minister Gordon Brown has been agitating for.
Read more:
What is the two-child benefit cap?
What tax rises could Rachel Reeves announce?
At a time when the government perpetually reminds us of how little money it has and how much strain public finances are under due to austerity, finding several billion to scrap a policy that is broadly popular with the public may seem like an unwise move.
According to the latest polling from YouGov, 59% of the public are in favour of keeping the cap in place, and only 26% thought it should be abolished.
But politically, the chancellor is aware of the strength of feeling within her party about reducing child poverty as soon as possible, and her colleague, the Education Secretary Bridget Phillipson, has stressed the party has a “moral mission” to tackle child poverty.
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Why did Labour delay their child poverty strategy?
Irrespective of what Reeves chooses, her political woes do not end there.
Taxes are set to go up in the budget later this month, and Reeves has refused to rule out breaking her manifesto promise of not raising taxes on working people.
This combined with persistently disappointing voter intention polling for Labour, could spell deep dissatisfaction among the public.
A decision to lift the two-child benefit cap may boost morale among Labour MPs, but if it’s not enough to prevent the loss of hundreds of political foot soldiers in May’s local elections, Reeves and Sir Keir Starmer will need to find more red meat to throw to their party before too long.
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