Bitwise’s base case implies a BTC market cap of around $27 trillion, already larger than the gold market, plus 28.3% annual returns for another 10 years on top of an already hyper-exponential history. Calling that conservative is odd. This is a top-quartile bull case wrapped in an institutional PDF.

For Bitcoin to be worth $1.5M+ in ten years, it effectively has to move into a different asset class category and become a full-fledged global reserve asset. That requires both infrastructure and political will. Corporate cash (corporate treasuries) on its own won’t get us there - they simply don’t have that much money.

@BitwiseInvest