CEO Calamos: Bitcoin Could Experience a 'Massive Awakening' by 2028

John Koudounis, CEO of Calamos Investments, confirmed his forecast: Bitcoin will reach $1 million by 2030. He believes that by 2028, Bitcoin could experience a "massive awakening." According to him, bank lending against Bitcoin, reduced volatility, and new ETF products could open access to the largest pools of advised capital—meaning funds managed by financial advisors and institutions, rather than private traders directly. Koudounis also commented on the Clarity Act and Bitcoin's status as a commodity.

Calamos studied Bitcoin for eight years before starting to invest. Among the topics discussed is the world's first Bitcoin ETF with downside protection. Such an ETF limits investor losses when prices fall, making the product closer to conservative instruments and potentially expanding the buyer base. The gradation of ETFs with 100%, 90%, and 80% protection—different levels of loss limitation, each suitable for a specific type of investor—is also examined. Another topic is the transition of Strategy from convertible bonds to perpetual preferred shares. This is a change in financing instruments: the company is moving from loans that can be converted into shares to perpetual securities with fixed payments. The interest of sovereign funds and large banks in Bitcoin—meaning government investment funds and systemically important banks—is also discussed.

Koudounis explained why financial advisors still avoid Bitcoin and touched upon the topic of capital controls, Cyprus, and debanking. Capital controls are restrictions on the movement of funds across borders, while debanking is a situation where a bank refuses to serve a client. Cyprus is mentioned as an example of the 2013 crisis experience when depositors were restricted in accessing their funds. Another line of conversation is the comparison of Bitcoin to gold. According to Koudounis, the finiteness of supply is more important than its scarcity: Bitcoin has a hard cap of 21 million coins, whereas gold production is increasing. The issue concludes with an analysis of the forecast for the period up to 2028 and the justification for the $1 million target.