Key Takeaways
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Calamos CEO John Koudounis has reaffirmed his belief that Bitcoin will eventually reach $1 million.
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Koudounis expects bank lending, falling volatility, and new investment products to unlock larger pools of capital.
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Russia's Sberbank has secured approval to trade crypto.
Calamos Investments CEO John Koudounis is standing by one of Bitcoin's most extreme institutional price forecasts as banks deepen their involvement with digital assets.
In an interview published on Oct. 9, Koudounis reaffirmed his belief that Bitcoin will eventually reach $1 million.
The head of the approximately $50 billion asset manager expects institutional adoption to accelerate as banks lend against Bitcoin.
However, that thesis was put to a fresh test this week after Russia's largest bank secured permission to enter the country's regulated crypto market.
Calamos CEO Stands by $1 Million Bitcoin Call
Koudounis believes Bitcoin could undergo what he called a "huge awakening" through 2028 as institutional participation expands.
His forecast is based in part on the amount of capital held by banks, sovereign wealth funds, and financial advisers that still has little or no exposure to Bitcoin.
Speaking to CNBC in September, Koudounis argued that the discussion among large investors was shifting from whether they should own Bitcoin to how much they should allocate to it.
"Bitcoin is definitely an allocation that most portfolios are starting to have, even the sovereign wealth funds," he said.
Koudounis pointed to banks such as JPMorgan and Morgan Stanley, arguing that institutions that had previously avoided Bitcoin were now participating in the market and lending against the asset.
Allowing investors to borrow against Bitcoin could change its role in a portfolio.
A holder who currently needs liquidity may have to sell their Bitcoin, potentially triggering a taxable event and reducing exposure to future price gains.
The Oct. 9 interview presents Koudounis's forecast as a call for Bitcoin to reach $1 million by 2030.
His earlier remarks show that the target is firmer than the deadline he provided.
During an April 2026 conference appearance, Koudounis said he did not know whether the price would be reached in 2030 or 2031, before adding that he believed Bitcoin would eventually get there.
Russia's Biggest Bank Enters Regulated Crypto Market
The Bank of Russia added Sberbank to its crypto-exchange register after previously authorizing it as a digital depository.
Under the country's new regulatory structure, registered exchanges may buy and sell crypto, while digital depositories can record and transfer customer holdings.
Sberbank plans to make its first crypto products available through its existing banking and investment platforms on Dec. 1.
The bank has reportedly begun testing purchases, sales, deposits and withdrawals involving BTC, Ethereum and Tether's USDT.
The authorization follows legislation that took effect on Sept. 1, bringing exchanges and custodians under the Bank of Russia's supervision.
Non-qualified investors will be permitted to purchase up to 300,000 rubles annually through each intermediary, provided they pass a knowledge test.
Crypto payments for goods and services remain banned.
Trading Access Is Not BTC-Backed Lending
Sberbank's entry supports one part of Koudounis's argument that conventional banks are increasingly placing crypto services inside familiar financial platforms.
But trading access alone does not complete Koudounis's institutional thesis.
Sberbank has not said customers will be able to use Bitcoin as collateral for cash loans or other financing — nor has it disclosed plans to add BTC to its balance sheet.
The approval consequently establishes a regulated route for accessing Bitcoin—without evidence that the bank considers it equivalent to conventional financial collateral.
What Would $1M Bitcoin Mean?
Bitcoin traded around $83,650 on Oct. 14.
Reaching $1 million from that level would require an increase of approximately 1,095%, making BTC almost 12 times more valuable.
With roughly 20.1 million BTC circulating, the target would produce a circulating market capitalization of around $20.1 trillion.
Bitcoin would need to attract trillions of dollars in additional value while overcoming volatility and competition from other assets.
That would make BTC worth more than Nvidia, Apple, Alphabet, and Microsoft combined.
Bitcoin alone would also be worth about one-third of the entire S&P 500, currently valued at roughly $63.3 trillion, and approximately 80% of the Magnificent Seven's combined $25 trillion valuation.
These comparisons do not make the target impossible, but they show the extraordinary amount of value Bitcoin would need to absorb.
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