The Mustard Seed—a bitcoin and long-term thinking podcast What does the world look like at $10,000,000 BTC? with Fred Krueger
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Oct 21, 2025 Fred Krueger, a Bitcoin investor and author, dives into a world where Bitcoin hits $10 million. He discusses the potential coexistence of Bitcoin and fiat, the declining value of traditional assets like real estate, and how deflation can drive innovation. The conversation explores the implications for portfolio allocation, advocating for significant Bitcoin holdings and questioning whether the traditional 60/40 investment strategy is still viable. He also highlights how AI and automation could reshape society during this transition.
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Bitcoin Coexists With Fiat
- $10M Bitcoin implies roughly a $200 trillion market cap and will coexist with fiat, not wholly replace it.
- People will increasingly denominate prices in sats as Bitcoin becomes a major money component.
Traditional Assets Face Headwinds
- Real estate and stocks may underperform as money growth slows and people prefer Bitcoin.
- High P/E ratios in equities could be capped as capital moves into Bitcoin.
Adoption Is Slower Than Other Tech
- Bitcoin adoption is slower and less obvious than AI or social apps due to UX and custody friction.
- New Bitcoin users typically become comfortable after years of reading and holding, not overnight.