$10 Million Dollar Bitcoin. Why So Bearish?
Bitcoin is one of the most valuable assets you’ll ever own. An asset to be held for generations. Don’t be shaken out.
9/12/23
This week, JPMorgan CEO Jamie Dimon once again criticized Bitcoin. Hardly surprising — legacy power structures rarely welcome innovations that threaten their control.
For the record, JPMorgan has paid billions in fines for financial misconduct over the years. When Dimon warns about criminal use of Bitcoin, it’s worth remembering that centralized institutions haven’t exactly been saints.
What’s really happening is this: the financial gatekeepers are scared. And they should be. Bitcoin undermines the rent-seeking structures they depend on. In fact, the louder the establishment voices push back — from Dimon to Senator Elizabeth Warren — the stronger the signal that Bitcoin matters.
What’s Coming in 2024
The next 12 months could mark a pivotal shift:
Bitcoin ETF approvals
The fourth halving
And, quite possibly, another major financial market event triggering renewed liquidity and money printing.
As always, Bitcoin will be volatile. It will fall during liquidity crunches like any risk asset. But when the dust settles and the money printers roar back to life, Bitcoin — a fixed-supply asset — tends to soar.
Timing the Market? Don’t.
“Trading Bitcoin is like trading Apple, Amazon, or Google a decade ago. The best strategy is to buy and wait.”
— Michael Saylor
Obsessing over the perfect entry point is a trap. Bitcoin is an asset for the decade, not the day. That’s why accumulation strategies, not speculation, are what matter.
The Adoption Curve
Bitcoin is still in its early adoption phase. Let’s break it down:
Tech early adopters
Libertarians and anarcho-capitalists
Citizens in inflation-ravaged countries
Visionary fund managers (e.g., Bill Miller)
Smart investors, positioning ahead of the curve ← this is where we are now
Institutional adoption (ETFs and beyond)
Global monetary use, especially in high-inflation economies
With less than 0.5% of the world actively using Bitcoin, the growth potential remains extraordinary.
“Whenever teenage girls and corporate CEOs want the same tech, something extraordinary is happening.”
— Michael Saylor
As adoption increases, so too does price — not in a linear fashion, but through exponential waves. The idea that Bitcoin will stop at $300,000 or $2 million per coin ignores the nature of network effects and monetary evolution.
If 400 million people push Bitcoin to $2 million, why wouldn’t billions more follow?
A Better Form of Wealth
Bitcoin is already far past the “zero” scenario. What’s left is upward potential — and it’s significant.
Skeptics scoff at projections like $10 million per coin. But history shows us the wealthiest families didn’t sell their appreciating assets early. Bezos didn’t sell Amazon after a 20x return. The Waltons and Hermès heirs still hold the core of their respective empires.
The wealthiest individuals hold for decades, even generations — and use those assets to build more.
Bitcoin is likely one of the most important assets you’ll ever own. Volatile, yes. But so was every great investment before it became obvious.
Prepare for what’s coming. Zoom out. And hold on.
Want more like this? Subscribe to my Substack to get future essays directly.
