In this episode, we sit down with Vijay Boyapati, author of The Bullish Case for Bitcoin, to explore where we really are in the current market cycle and what comes next. Vijay breaks down four frameworks for valuing bitcoin, explains why gold parity is almost inevitable, and outlines how ETFs and corporate treasury strategies are reshaping adoption. We talk through HODL waves, why the current price action still feels boring, and what it might take to push bitcoin to $10mm+ per coin. Vijay also discusses quantum computing and AI as emerging risks, the importance of ossification, and how a future of abundance may still require sound money. Finally, he shares what he’d update in his original thesis and why the story of Satoshi may become one of the defining legends of the next thousand years
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TIMESTAMPS:
0:00 - Intro
2:08 - Valuing bitcoin at $1M and $10M
4:01 - HODL waves and the psychology of selling
5:49 - Four frameworks for bitcoin valuation
10:06 - Why bitcoin surpassing gold is nearly certain
12:27 - How early we still are in global adoption
14:38 - Why ETFs changed the bitcoin game
17:32 - How MicroStrategy tapped the bond market
20:36 - What’s holding bitcoin back today
22:41 - Why hyperbitcoinization is unlikely this cycle
23:18 - How bitcoin cycles crash and reset
27:11 - What could break the MicroStrategy model
29:34 - How long-term investors may soften future crashes
30:27 - Would you change anything in the bullish case?
35:06 - Quantum computing and bitcoin’s biggest risk
38:02 - Will AI abundance make money obsolete?
41:29 - Why time guarantees bitcoin’s role in the future
46:00 - Bitcoin ossification vs. protocol changes
49:27 - Will self-custody or custodians win long term?
51:40 - What would Satoshi think today?
54:19 - Is bitcoin a digital organism?
56:05 - Outside of bitcoin, what excites Vijay most?
57:09 - Where to find Vijay and his work
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