Calamos Investments CEO John Koudounis is standing by his forecast that Bitcoin will reach $1 million by 2030, saying the asset is headed for a "huge awakening" through 2028.

Speaking in an interview published by Bitcoin Magazine, Koudounis pointed to banks lending against Bitcoin, falling volatility, and a new generation of ETF products as developments that could open the door to the world's largest pools of advised capital — a pool made more accessible since U.S.-listed spot Bitcoin ETFs began trading in standard brokerage accounts in January 2024. He also weighed in on the Clarity Act, the pending U.S. legislation that would establish a market-structure framework for digital assets, and Bitcoin's status as a commodity.

The conversation opened with Koudounis's views on French bond stress and Greece's debt crisis, before turning to Calamos's eight years of research into Bitcoin and the launch of the world's first downside-protected Bitcoin ETF. Koudounis also discussed Strategy's shift from convertible notes to perpetual preferreds — an equity-based instrument with no maturity date, in contrast to the debt-like convertible notes it replaces — and explained why sovereign wealth funds and big banks now want Bitcoin.

The discussion covered the structure of 100%, 90% and 80% protected Bitcoin ETFs, where the percentage denotes the share of the initial investment shielded if held through the end of the protection period, and why many financial advisors still avoid Bitcoin — a reluctance these buffered structures are designed to address. Koudounis also reflected on capital controls Cyprus and debanking, and compared Bitcoin with gold, addressing the case that finite beats scarce: Bitcoin's supply is capped at 21 million coins on a fixed issuance schedule, while new gold continues to enter the market through mining output.

The interview closed with Koudounis's outlook for Bitcoin through 2028 and the reasoning behind his $1 million call. The markers he put on the table — Clarity Act progress, the trajectory of Bitcoin volatility, and how far banks and advisors go in adopting Bitcoin lending and protected ETF structures — are the concrete signals to watch as that horizon approaches. The full video is available on the original Bitcoin Magazine page and Bitcoin Magazine's YouTube channel.

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This article first appeared on Bitcoin Magazine and is written by Patrick Green.