Can Bitcoin still deliver big gains? 🚀

Milk Road $BTC price prediction for 2030 👀

October 05, 2024

GM! Welcome to Milk Road PRO – your weekly dose of balanced, nutrient-rich crypto takes.

Let’s shake things up…

Imagine you don’t own any crypto. 💸

(Hard to picture, we know, but just give it a go).

Maybe you’re a little skeptical of it all? Maybe you don’t quite understand it? Maybe it’s just not your thing? 

But you still want to invest – and you’re looking to, at the very least, outpace inflation.

Sound familiar? It should. 

Chances are, your coworker, your neighbor, or even your barber thinks in a similar way. 

Everyone wants to grow their money, but who has the time to track market trends, analyze risks, and find new opportunities? Most people don’t. 

So, what do they do? They leave it to financial advisors to handle the heavy lifting.

These advisors comb through various asset classes—technology stocks (QQQ), U.S. blue chips (SPY), gold (GLD), real estate (VNG), U.S. treasuries (TLT), and now, Bitcoin (BTC)—to build the best investment mix for you. 📈

But there’s one asset that has been blowing everything else out of the water.

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Source: TradingView

Bitcoin has surged over 526% since 2018, putting every other asset class to shame.

And here’s the kicker: we chose 2018 deliberately because it was one of Bitcoin’s “worst” years. 

If we had picked almost any other starting point, the numbers would be even wilder! So even when starting from a low, Bitcoin’s message is loud and clear.

Yes, Bitcoin comes with volatility, but here’s the reality: 

If you had held Bitcoin for at least 3 years, there hasn’t been a single period where it wouldn’t have outperformed every other asset class. That’s a strong signal, no?🤩

We didn’t lead today with Trump calling Bitcoin a U.S. strategic asset or countries mining Bitcoin, or even massive corporations constantly adding it to their balance sheets. Those are huge milestones, but let’s be honest—they don’t get people hooked. 

Right now, we wanted to give you the one thing that’s hard to ignore: performance. Numbers that create FOMO. (You’re feeling it, right? 🤗)

And you know what? We feel it too. It’s natural—emotions are part of the game. But here’s the thing: we can’t let them drive our long-term decisions. 

The key is to stay grounded and keep the bigger picture in mind. 

What we want to answer today is:

Will Bitcoin continue to deliver huge returns?

Will it continue to be one of the best investments in the world?

As some of you know, we don’t currently hold any Bitcoin in our MR PRO Portfolio. That’s not because we don’t like it (we love it), it’s because our goal is to outperform it (which lately, has not been an easy thing to do). 😅

That said, we’re always reviewing the landscape, analyzing insights from the big players, and constantly asking ourselves if it’s time to reconsider our portfolio.

By taking in the perspectives of the heavyweights and blending them with our own strategy, we aim to make unbiased, rational moves—not emotional ones.

At the end of this report, we will share our price prediction of Bitcoin by 2030 as well as what we’re planning to do with Bitcoin in the Milk Road PRO Portfolio.

Does Bitcoin still have a bright future with the potential to continue delivering impressive returns?

To find out, we dug into reports from two highly respected asset managers—Ark Invest and VanEck—and we’re excited to share their insights.

• Ark Invest: Bitcoin as an Investment

• Vaneck: Bitcoin 2050 Valuation Scenarios

You might be wondering why don’t we just do our own analysis? Well, it’s because Bitcoin is in a league of its own. 

At $1.2 trillion, it's the giant of the crypto world, and the forces needed to push an asset of this magnitude even higher are beyond what we can confidently estimate. 

Instead, we’ll dive into the insights from two heavyweight reports and layer in our own commentary to give you the best possible perspective!

First up is Ark's Bitcoin report from 2020, which we believe was one of the first institutional-grade reports to project a Bitcoin price.

Four years ago, when Bitcoin was trading at just $10k with a market cap of $220 billion, Ark Invest released a bold report predicting $BTC could potentially 15x to $150k (a $3 trillion market cap) between 2025 and 2030. 

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Source: ArkInvest

Fast forward to today—Bitcoin sits at $65k with a market cap of $1.3 trillion, and many now predict it could reach $150k-$180k as soon as next year, driven by the current economic cycle.

(What once seemed improbable now feels much more within reach).

ARK’s spot-on prediction made us revisit their report to understand how they arrived at such a bold forecast when few others were so optimistic.

It’s impressive how they saw potential that many overlooked back then. 🫡

The second report we’re diving into comes from VanEck, published just a year ago. 

VanEck has been making waves in the crypto space recently, sharing their bullish views and actively helping to educate the market.

This report, released in September 2024, comes three years after Ark Invest's. 

With Ark's predictions looking more and more accurate, we wanted to bring in a fresh perspective from another respected, crypto-friendly firm. 

By comparing the insights from both reports, we can spot similarities and differences that might help us uncover new trends or unique opportunities.

Here’s a quick rundown of what you’ll discover today:

• How did Ark Invest come up with their bold Bitcoin prediction?

• What’s VanEck’s ambitious price target for Bitcoin by 2050?

• What key trends and insights did we uncover by comparing these two reports?

• And finally, what’s our price prediction for Bitcoin in 2030?

We’re kicking things off with a report from Ark Invest, a firm with $6.8 billion in assets under management (AUM) that specializes in cutting-edge technologies like AI, robotics, and blockchain.

Ark has pinpointed four major opportunities for Bitcoin to capture market share and projected how each could boost its market cap.

We'll break down Ark’s predictions and follow up with our own comments to keep things exciting.

BITCOIN AS A SETTLEMENT NETWORK

ARK envisions Bitcoin becoming a global settlement network—far more than just digital gold. It could transform how banks and businesses settle transactions.

Here’s why:

• Always on, borderless: Unlike traditional systems like Fedwire, Bitcoin operates 24/7, globally, without the need for intermediaries. It allows for direct, peer-to-peer transactions, cutting out middlemen and making cross-border settlements faster and cheaper.

• Censorship resistance: Bitcoin is censorship-resistant. No third party can block or reverse a transaction, giving users full control over their financial sovereignty—unlike traditional systems subject to regulatory oversight.

• Massive potential: The U.S. alone generates $1.3 quadrillion in settlement volume annually. If Bitcoin captures just 10% of that market, it could push its market cap to $1.5 trillion.

In short, Bitcoin as a global settlement network isn’t just a concept—it could be the future of how value moves across the world.

BITCOIN AS A SAFEGUARD AGAINST ASSET SEIZURE

ARK Invest sees Bitcoin as a shield against asset seizure, particularly in regions where property rights are weak or government intervention is high.

Here are the reasons:

• Seizure resistance: Bitcoin operates without a central authority, meaning no government can control or confiscate your assets. With proper key management, your wealth stays under your control.

• Inflation protection: Governments often seize wealth indirectly through inflation. When fiat currencies are devalued, Bitcoin’s fixed supply acts as a hedge, protecting wealth from currency debasement.

• Market opportunity: If people allocated just 5% of the global monetary base (excluding major currencies) to Bitcoin as a hedge against asset seizure, Bitcoin’s market cap could rise to $2.5 trillion.

Bitcoin offers a lifeline for individuals in unstable regions, providing a decentralized and secure way to store wealth beyond the reach of governments and inflation. 🔒

BITCOIN AS A DIGITAL GOLD

Bitcoin is positioning itself as the digital counterpart to gold. ARK Invest sees Bitcoin not just as a rival, but as a more efficient, secure alternative.

Here’s how Bitcoin stacks up:

• Scarcity & durability: Like gold, Bitcoin is scarce and durable. But it goes further by solving gold’s biggest limitations: it’s easily divisible, portable, and transferable in the digital economy.

• Verifiability & security: Unlike gold, which requires effort to verify, Bitcoin’s authenticity is instantly verified through the blockchain, making it more secure and harder to steal.

• Market opportunity: With a global gold market worth $10 trillion (it is now $18 trillion), Bitcoin could capture a slice of this. If Bitcoin secures just 10%, its market cap could soar by $1 trillion.

As economies shift toward digital assets, Bitcoin is well-positioned to become the go-to vehicle for wealth preservation, directly competing with physical gold.

BITCOIN AS A HEDGE IN EMERGING MARKETS

Bitcoin’s true power shines in emerging markets, where currencies often collapse due to poor economic policies. 

ARK Invest believes Bitcoin is a critical hedge against inflation in these regions.

Here’s why:

• Protection from currency devaluation: In countries where hyperinflation erodes local currencies, Bitcoin serves as a stable store of value, offering an alternative to fiat money.

• Decentralized & borderless: Bitcoin operates beyond the control of governments, providing financial freedom to individuals in unstable economies.

• Market opportunity: If Bitcoin captures just 5% of the global monetary base in emerging markets, its market cap could climb to $1.2 trillion.

Bitcoin could become a lifeline for millions facing economic uncertainty, offering a safe way to preserve and grow wealth. 💰

PS: You may have noticed that Ark used the same 5% estimate in both the asset seizure and emerging markets scenarios. However, for asset seizure, they applied it to the global monetary base, while for the hedge in emerging markets, they focused specifically on the monetary base of emerging countries only, which explains the difference in final figures.

ARK'S KEY TAKEAWAYS

Let’s now put everything together so we can see all the data in one place and understand how Ark arrived at their bold prediction of $150k per Bitcoin.

[

Source: ArkInvest

You won’t find a direct price per Bitcoin in Ark’s table, only projected market caps for each opportunity.

However, if you sum up all the projected market caps across the rows, you'd arrive at $6.2 trillion—not the $3 trillion Ark predicted. 😧

The reason for this difference is that simply adding everything together would lead to double-counting, as some opportunities overlap. 

Ark’s more refined approach avoids overestimating by adjusting for these overlaps, resulting in their final $3 trillion projection.

Milk Road Take: We really like Ark’s approach of identifying different opportunities that could eventually drive demand for Bitcoin. In our view, this is the only effective way to analyze an asset like Bitcoin, by breaking down the various use cases that could fuel its growth.

We don’t believe Bitcoin will ever serve as a settlement layer. There are simply more suitable blockchains that are faster, cheaper, and even more secure for that role. 

However, we’re bullish on the other opportunities Ark identified. 

Not only have the underlying market metrics grown significantly (gold mcap for example) over the last 4 years, but we also believe Bitcoin will capture a larger market share than originally predicted.

Overall, we really like the framework Ark introduced, and we believe their price target of $150k by 2025 is on point.

However, their method of arriving at this number might be slightly off, which we’ll dive into later. 

But their overall projection? We think they nailed it. 🔨

We’ll also be sharing our own prediction and price projection at the end of this report, so stay tuned!

But now, let’s move on to the newer analysis by VanEck, dated September 2024. With a total of $87 billion in assets under management (AUM), VanEck is a significant player in the crypto space as we mentioned earlier. 

VanEck identified only two key opportunities for Bitcoin, but we'll get into those shortly. For now, let's break down their approach, just like we did with Ark, to give you a clear comparison.

BITCOIN AS A GLOBAL MEDIUM OF EXCHANGE

While Bitcoin is often viewed as a store of value today, VanEck makes a compelling case for its potential to become a widely-used global medium of exchange—a currency for everyday transactions worldwide. 

Here's how that could unfold:

1/ Global international trade: The total value of global cross-border transactions is estimated at around $44 trillion annually, spanning everything from small retail payments to large-scale international trade.

Bitcoin could serve as a seamless alternative for cross-border payments, providing faster and cheaper transactions than traditional methods.

2/ Domestic trade market: The domestic market is even larger, expected to reach around $186 trillion annually.

In regions with unstable currencies or inefficient banking systems, Bitcoin could offer a secure, decentralized option for day-to-day transactions.

3/ Potential Bitcoin share: If Bitcoin were to capture just 10% of the global cross-border transactions market, it could handle around $4 trillion in annual transaction volume. And if it secured 5% of the domestic market, that would add another $9 trillion.

This doesn’t mean Bitcoin will replace national currencies, but it could work alongside them, particularly for cross-border payments, remittances, and digital transactions that benefit from low fees and fast settlements.

For comparison, Visa and Mastercard combined handle trillions in annual payments, and Bitcoin has the potential to capture a portion of that market, particularly for international transactions or where traditional banking systems fall short.

With these projections, VanEck suggests Bitcoin could revolutionize how value is transferred globally, positioning itself as a key player not just as a store of value, but as a crucial part of everyday financial systems. 🏦

BITCOIN AS A GLOBAL RESERVE ASSET

VanEck envisions Bitcoin potentially evolving into a global reserve asset, much like how gold is used by central banks today.

To grasp the financial impact, let’s break down the numbers:

1/ Current global reserve assets: Central banks worldwide currently hold about $14 trillion in foreign exchange reserves.

These reserves are typically held in traditional currencies like the U.S. dollar, euro, or yen, and are used to back a nation's liabilities and stabilize its currency in international trade.

2/ Potential allocation to Bitcoin: If central banks were to allocate just 5% of their reserves to Bitcoin, that would result in approximately $700 billion flowing into Bitcoin.

But here’s the key part: This $700 billion is only the starting point. VanEck’s projection of Bitcoin reaching a $61 trillion market cap by 2050 is based on a much broader adoption beyond just central banks.

We’ll dive into that in just a sec. ⏱️

VANECK'S KEY TAKEAWAYS

VanEck spotlights two major use cases for Bitcoin and integrates them into a more complex valuation model—which we won’t go into here.

However, they project Bitcoin could hit a staggering $61 trillion market cap or $2.9 million per Bitcoin by 2050, based on these assumptions:

• Bitcoin captures 10% of international trade.

• It claims 5% of domestic trade.

• 2.5% of central bank assets will be held in $BTC.

VanEck factors in velocity, GDP growth, and other economic variables to make their projections more grounded, though this also makes their model a bit harder to follow for the average reader.

But our goal here isn’t to decode their formula—it’s to share our insights and takeaways from VanEck’s report in a way that’s easy to digest.

Milk Road Take: We like the price target at $2.9M per Bitcoin by 2050. 😄 

Jokes aside – we totally get why VanEck used a dynamic formula to account for growth over time – it’s crucial when predicting Bitcoin’s price in 2050 (26 years from now). Relying on fixed numbers for such a long-term projection would be far too simplistic.

But we’re not entirely convinced that Bitcoin will be used for domestic or international trade. In our view, there are better alternatives for those use cases. 

However, we do agree that central banks could hold a portion of their assets in Bitcoin to diversify their balance sheets, and that’s where we see significant potential.

We see many more potential buyers beyond just central banks who could significantly impact Bitcoin’s price once they start buying. 

(To be fair, VanEck also mentioned these in their report, but didn’t provide specific numbers). 

These buyers could include large institutional investors, global corporations, and even sovereign wealth funds—all of whom could drive demand and push prices higher once they enter the market.

We have a few more things to comment on, but let’s bring Ark’s report back into the mix and compare it with VanEck’s… 

This way, we can highlight key differences and similarities, and share some fresh insights we’ve gathered from analyzing both. 🔍

MILK ROAD LEARNINGS 

When two heavyweights like Ark Invest and VanEck both back Bitcoin's future, it’s hard not to pay attention. 

They come from slightly different angles, but the core message is the same:

Bitcoin is no longer just a speculative asset—it’s on track to change the global financial game.

Both reports highlight two common themes: 

• Bitcoin as a Settlement Layer

• Bitcoin as a Wealth Protection

BITCOIN AS A SETTLEMENT LAYER

One of the clearest points of agreement is how both firms view Bitcoin as a settlement layer. 

Ark talks about Bitcoin as a settlement network, a system where payments are fast, borderless, and cut out middlemen. 🙅

VanEck shares this vision by calling Bitcoin a medium of exchange. While the wording is slightly different, the idea is the same:

Bitcoin has the potential to revolutionize how money moves across the globe. 

Whether it’s used for small retail transactions or massive international trade, both firms see Bitcoin becoming a key player in global payments.

For context: Currently, Bitcoin settles around 100K $BTC per day, which, at today’s prices, translates to $6.5 billion daily or $2.3 trillion annually.

✍️ Milk Road Take: While we see Bitcoin’s potential here, we’re not fully convinced. We also doubt that most of its current volume comes from this kind of activity. 

In fact, we believe other blockchains, like Ethereum or Solana, might be better suited for this role, offering faster, cheaper, and potentially more secure transaction settlement.

VanEck, to their credit, is well aware of these alternatives for settlement layers. 

However, they remain bullish on Bitcoin’s future, especially with the rise of Bitcoin Layer 2 solutions. 

VanEck seems to believe that L2s will eventually build a strong settlement layer within the Bitcoin ecosystem. 💪

Ark, on the other hand, made no mention of competing smart contract platforms in their report, while VanEck, three years later, acknowledged Ethereum and Solana and their potential to enhance Bitcoin's capabilities through Layer 2 solutions.

We’re excited to see other Layer 1s finally entering the conversation about Bitcoin’s future opportunities—and that’s exactly the kind of insight we were hoping to extract here. 

Back in 2020, Ark didn’t mention smart contract platforms, likely because they weren’t as mature and Bitcoin seemed like the only major player in this space. 

Fast forward three years, and VanEck is already acknowledging them, signaling that big smart contract platforms like Ethereum and Solana are now tapping into this opportunity as well. 

TLDR: If this was supposed to be the main driver for Bitcoin, its future performance is now in question. 

With advanced platforms like Ethereum and Solana stepping into the role of a settlement layer, the chances of Bitcoin replicating its past performance may be fading. 

While Bitcoin still holds unique strengths, its dominance is being challenged, and the road ahead could be far more competitive than expected.👀

BITCOIN AS A WEALTH PROTECTION

The other striking similarity is how both Ark and VanEck envision Bitcoin as the future of wealth protection. 

Ark highlights Bitcoin as a safeguard against asset seizure, hedge against inflation or as a digital gold, while VanEck talks about Bitcoin as a global reserve asset. 

But again, they’re seeing the same core idea: 

Bitcoin is a store of value, much like gold, but with added benefits that make it even more attractive for the digital age.

For context: 

• Today, central banks own 17% of the world’s circulating gold. 

• Governments worldwide hold a combined 567,000 Bitcoins, representing 2.7% of the total 21 million Bitcoin supply. 

• The U.S. government leads the pack, holding over 210,000 Bitcoins. 

However, it's important to note that most of the Bitcoin held by governments was seized or acquired through other means, not purchased on public markets.

👉 Some central banks are already dipping into Bitcoin—not by buying directly through spot markets, but through stocks like MicroStrategy, which continually buys Bitcoin on the spot markets. 

Central banks or pension funds from countries like Switzerland, Norway, and South Korea are purchasing these stocks, sending a pretty clear message to the world about their growing interest in Bitcoin.

In addition smaller countries like El Salvador and Bhutan are mining Bitcoin themselves. 

While this doesn’t directly create buying pressure, it likely reduces sell pressure. These nations aren’t mining Bitcoin to sell in the near future; instead, they’re holding onto it to grow their balance sheets and improve their financial solvency.

And It’s not just central banks and governments getting involved— companies are also increasingly adding Bitcoin to their balance sheets:

• Currently, public companies hold 305,000 Bitcoins, accounting for 1.45% of the total supply, with the majority held by MicroStrategy, which has been aggressively accumulating Bitcoin since 2020.

• More than 29 public companies, including Tesla, already hold Bitcoin on their balance sheets. Many others, like Goldman Sachs and Wells Fargo, have opted to gain exposure through a Bitcoin ETF, paving the way for even broader adoption among major corporations.

It’s pretty clear to us that Bitcoin serves this market exceptionally well.

✍️ Milk Road Take: This is the opportunity we're most excited about and believe holds the biggest future for Bitcoin. 

We see Bitcoin as the clear winner, offering unmatched properties like security, decentralization, and scarcity. 

These unique qualities give it a distinct edge in the markets and will be almost impossible to compete with.

If this is the main driver for Bitcoin going forward, we believe it’s only strengthening its dominant position. 

The likelihood of Bitcoin being dethroned anytime soon is shrinking, as its role as a key asset for institutional players continues to grow – making its foothold in this space seem more secure than ever.

MILK ROAD PROJECTIONS 

Alright, now that we’ve gathered insights on how giants like Ark Invest and VanEck evaluate Bitcoin and project its future, let’s apply those learnings and create our own predictions.

We believe Bitcoin should remain simple, as its simplicity is one of its strongest and most unique features. Expanding its use case into settlement networks could dilute its core value. 

We align with Ark's use cases:

• Bitcoin as a safeguard against asset seizure

• Bitcoin as a digital gold

• Bitcoin as a hedge for emerging markets

Additionally, we would add one more key use case: 

• Bitcoin as an investment vehicle

Why? Because this very use case is likely why you’ve stuck with this report until now. 

If you’re pitching Bitcoin to someone, your best bet is to highlight its past performance as an investment vehicle.

Alright, so we have 4 use cases that speak to why people might buy Bitcoin. 

It’s possible some of these overlap – but let’s dive into quantifying the “demand size” for each of these drivers.

Let us walk you through this chart. 

When considering the four use cases we identified above, and where those needs are being met today, we’ve broken it down into three key markets. 

These markets represent the potential areas where Bitcoin could capture significant demand.

• Gold: Bitcoin, often referred to as "digital gold," could serve as a store of value, offering an alternative to traditional gold, especially for those seeking a decentralized and easily transferable asset. We expect Bitcoin could capture up to 15% of the gold market.

• Monetary base: Bitcoin has the potential to become a global monetary base, functioning as a hedge against inflation and offering a fixed supply currency, unlike traditional fiat systems. We believe Bitcoin could capture approximately 10% of this market.

PS: The monetary base is the total amount of a currency in circulation, including coins, paper money, and central bank reserves.

• Stocks: Bitcoin could emerge as a new asset class, much like stocks, providing investors with a way to diversify their portfolios or attract new demand based on its strong historical performance. We estimate Bitcoin could capture 7.5% of this market.

Now, if we apply these percentages to the existing market sizes, we get the overlapping circles chart on the right. 

This visual highlights how Bitcoin’s use cases can intersect. For instance, Bitcoin can act as both a hedge and an investment vehicle at the same time for many investors.

If we were to add up all the market sizes, we’d arrive at a massive $15.6 trillion. 🤯

However, to avoid double counting due to overlapping use cases, we’ve taken a more conservative approach, estimating the total potential market at $10 trillion—assuming roughly one-third of the demand overlaps.

But you're more interested in the price projection than just the market cap, right? 

A $10 trillion market cap for Bitcoin would mean a price of $508K per Bitcoin by 2030. 

Does that seem unrealistic to you? Well here’s the chart showing Bitcoin’s compound annual returns…

[

Source: ArkInvest

Looking at the past four years, which included at least one bull cycle, Bitcoin has delivered an impressive compounded annual return of 113%. 

This makes our projection of 42.37% CAGR by 2030 seem relatively conservative in comparison, but still highlights Bitcoin’s strong potential for continued growth in the years ahead.

Now, let’s take a look at the chart to see what it would look like if Bitcoin hits our price target by 2030.

[

Source: TradingView

Does it seem like science fiction to you?

Because, to be honest, we feel pretty confident that Bitcoin can get there—maybe even faster!

Overall, we believe Bitcoin is better positioned to serve as a wealth protection tool rather than a settlement network. 

The signs are clear—more institutions, companies, funds and governments are recognizing this opportunity and jumping on board. 🏃‍♂️‍➡️

As a result, there’s increasing pressure on legal authorities to establish clear legislation and regulations for crypto, which have long been the biggest hurdles to wider adoption.

The years 2024 and 2025 could be pivotal for Bitcoin, as regulatory clarity and market developments fuel its next phase of growth. 

In 2024, the approval of spot Bitcoin ETFs in the U.S. and regulatory advancements like MiCA in Europe opened the door for broader participation from both institutions and retail investors. 

Meanwhile, crypto is becoming a hot topic among politicians, with Bitcoin and blockchain now recognized as a key technology that no country can afford to ignore. 

By 2025, we could see countries competing to attract blockchain innovation and Bitcoin-friendly regulations, further accelerating institutional adoption and solidifying Bitcoin's place in the global financial system.

To answer that initial question—whether Bitcoin still holds potential—we believe it absolutely does. 🤝

In fact, we think Bitcoin holds massive potential, and now, with the increasing institutional adoption and market maturity, it comes with even less risk than ever before.

Despite Bitcoin's potential, we still don’t hold $BTC in our Milk Road PRO Portfolio, and the reason is simple: 

We believe we’re holding coins that will outperform Bitcoin at this stage in the crypto cycle. 

While that hasn’t been the case so far, we’re confident the season for smaller coins to shine is coming, and that’s what we’re waiting for. ✨

That said, we’re constantly monitoring the strong inflows into Bitcoin ETFs and challenging ourselves on whether sticking with this strategy is the right move. 

So, we're not saying we’ll never add Bitcoin to our portfolio—it’s always on our radar.

The main thing we are looking for is to see $ETH, $SOL and alts perform once we have a confirmed uptrend in the broader crypto markets. 

Until then, we can’t confirm that Bitcoin will continue its dominance through the entirety of the cycle (which has never happened previously). 

Instead, we think once the final phase of the bull run begins, Bitcoin dominance will head much lower. Unfortunately, we’ve been a bit early to the trade!

Maybe it turns out we weren’t early, but wrong? Let’s see - I think we’ll have our answers soon!

And that’s a wrap for today! 

Hopefully, we’ve helped you learn something new and given you a simple framework to better understand how to value and think about Bitcoin—so it’s not just a bunch of randomly chosen numbers.😆

Good luck and stay safe! 

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