Joining the discussion is Vijay Boyapati, an economist and Bitcoin advocate, and author of The Bullish Case for Bitcoin. He shares his insights on Bitcoin's valuation, predicting gold parity is on the horizon. Vijay examines HODL waves, why the current price feels dull, and what could drive Bitcoin’s value to astonishing heights. He also warns about emerging risks like quantum computing and AI, underscores the importance of maintaining sound money, and reflects on Satoshi's legacy as a potentially defining story for future generations.
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insights INSIGHT
Bitcoin's Valuation Milestones
Bitcoin's bull market is in early stages, with $100K being boring and $1 million more interesting.
Catching up to gold's market cap would price Bitcoin around $1 million, and $10 million signals global reserve currency status.
insights INSIGHT
Hodl Waves and Selling Psychology
Hodl waves symbolize long-term holders who resist selling even when prices rise significantly.
Selling often occurs when a 'magic number' is achieved, enabling holders to diversify and live better.
insights INSIGHT
Bitcoin's Terminal Growth Outlook
Bitcoin's ultimate growth plateau arrives when global adoption settles as a reserve currency.
Its price growth will then align with global productivity, leading to modest annual purchasing power increases.
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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
SUPPORT THE PODCAST: → Subscribe → Leave a review → Share the show with your friends and family → Send us an email podcast@unchained.com → Learn more about Unchained: https://unchained.com/?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description → Book a free call with a bitcoin expert: https://unchained.com/consultation?utm_source=youtube&utm_medium=video&utm_campaign=TBF-podcast-description → Read Joe Burnett’s new report, Repricing the Economy in Bitcoin: https://www.unchained.com/go/repricing-the-economy-in-bitcoin?utm_campaign=strivereport&utm_medium=podcast&utm_source=tbf&utm_content=youtube
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
WHERE TO FOLLOW US: → Unchained X: https://twitter.com/unchained → Unchained Linkedin: https://www.linkedin.com/company/unchainedcom → Unchained Newsletter: https://unchained.com/newsletter → Joe Burnett’s Twitter: https://twitter.com/IIICapital → Jose Burgos (Director of Media Production) on Twitter: https://x.com/DeFBeD → Vijay Boyapoti’s Twitter: https://x.com/real_vijay
The Bitcoin Frontier 