The Milk Road Show Bitcoin to $1.3M! Bitwise’s Long-Term Thesis + Q4 Playbook w/ Ryan Rasmussen & Jesse Eckel
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Sep 3, 2025 
Ryan Rasmussen, Head of Research at Bitwise, and Jesse Eckel, Founder of OathPacked Ventures, dive deep into Bitcoin's future potential. They explore the bold prediction of Bitcoin hitting $1.3 million by 2035, emphasizing macroeconomic factors like U.S. debt and inflation as key drivers. The duo discusses Bitcoin's emerging role as a reserve asset amidst waning dollar dominance and how younger generations view cryptocurrencies compared to traditional investments. Tune in to uncover investment strategies that could shape this digital frontier!
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Bitwise’s 2035 Bitcoin Projection
- Bitwise projects Bitcoin to reach $1.3M by 2035 based on macro and TAM analysis.
- They forecast ~28% annualized returns making Bitcoin likely the top-performing asset class.
Bitcoin As A Macro Asset
- Bitwise frames Bitcoin as a macroeconomic asset akin to digital gold.
- They emphasize debt, inflation, interest rates, and dollar dominance as key drivers.
Staggering U.S. Debt Trajectory
- U.S. federal debt rose sharply; half of $36.2T accumulated in the last decade.
- Debt equals over $100k per citizen and interest payments near $1T annually, stressing fiscal outlook.