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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Erosion Of Dollar Dominance
- Dollar share of global FX reserves declined from >70% to <60% over 25 years.
- Central banks are buying gold, which could partly shift to Bitcoin as a digital reserve.
Regulatory Shift Is Likely Lasting
- Bipartisan laws like the Genius Act signal durable, not purely partisan, crypto policy change.
- Regulatory clarity supports Bitcoin's institutional and macro adoption thesis.
Bitcoin Capital Market Assumptions
- Capital market assumptions (CMAs) forecast assets' 10-year performance, volatility, and correlations.
- Bitwise published Bitcoin CMAs to help portfolio managers integrate Bitcoin into allocations.