2381: $100T Bitcoin Recovery - They Called It Dead

**Justin Verrengia** (0:00)
Today's episode of Bitcoin News Alerts is brought to you by Progressive Insurance. Do you ever think about switching insurance companies to see if you can save some cash? Progressive makes it easy to see if you can save when you bundle your home and auto policies. Try it at progressive.com. Progressive casualty insurance company and affiliates, potential savings will vary. Not available in all states. Bitcoin is dead. Sure. We've heard that bullshit before, haven't we? Nobody calls Bitcoin dead at all time highs. Only near the bottom. That's when the experts become fearless. You know, the Peter Schiff's out there. That's when the headlines become absolute and that's when the predictions become certain. This week, they buried Bitcoin yet again. They said Bitcoin was proof of unnecessary work. They said it wasn't worth a bucket of warm spit. Others called it a ponzi, a scam, a fraud, nothing new. Bitcoin has hurt it all before, for more than 17 years now. And yet, every cycle ends the same way. The people declaring Bitcoin dead eventually stop talking about Bitcoin. More than 99.9% of Bitcoin's history has spent making new all-time highs. After someone declared it was over, every crash created a new obituary. Every recovery made those headlines look ridiculous. And every bear market creates the same exact illusion, that this time, history doesn't matter. This crash is permanent. The adoption has stopped. The buyers have disappeared. Except, they haven't. While fear dominates the headlines, the accumulation continues. Long-term holders keep stacking. Strategy hasn't stopped buying. New Bitcoin ETFs keep launching. Wall Street didn't quit. The buyers with the longest time horizon rarely buy, because the headlines feel good. They buy because they believe today's fear won't matter in another five years from now. Nations keep studying it. Developers keep building. The network keeps producing blocks. Tick-tock. Bitcoin doesn't care who's bullish or bearish. It just keeps doing what it does best and what it has always done. The loudest voices usually appear near the point of maximum pessimism. Weak hands fold. Believers become embarrassed. Doubters become certain. That's usually when opportunity quietly returns. Not because someone rings the bell. Not because CNBC announces it. And not because your favorite economist finally approves. It happens. While most people are still looking backward, Cathie Wood recently made a simple observation. She says, capital doesn't stay where it's treated poorly. Around the world, people continue searching for something governments can't print, can't censor, and can't confiscate with the push of a button. That's why she still believes Bitcoin will reach one and a quarter million per coin, roughly 20x from here, 20 times higher than today's price. That would value Bitcoin at roughly a $26 trillion network, still below the global real estate, still below global wealth, a massive number, but sure as hell is not an impossible one. That's how early this market still is. Not because Bitcoin changes, because capital does. That's the problem Bitcoin was built to solve. Price is temporary. The network is permanent. Every cycle produces a new reason. While Bitcoin supposedly won't recover, every cycle creates new critics, new headlines, new certainty, and somehow the same outcome. The people who waited for perfect certainty paid a higher price. The people willing to endure uncertainty usually own more Bitcoin. History doesn't repeat perfectly, but it often rhymes, often enough to make ignoring it expensive. Bitcoin isn't climbing because everyone believes. Bitcoin climbs after almost nobody does. Every cycle they call Bitcoin dead. Every cycle, Bitcoin proves them wrong. Does all this sound familiar? It should. Listen to this. Saylor gave us an update today. He says Bitcoin is working today.
So are we.
And also Cathie Wood updated us here. Capital outflows from less stable countries around the world will light another fire under Bitcoin and other digital assets. AI has launched a technology revolution deservedly, sucking a lot of oxygen out of the investment world. But it cannot serve as the insurance policy protecting wealth that many people in the world are seeking right now.
And there you have it coming from ARK Invest CEO Cathie Wood. Also have a new video I want to share with you right here, where she's calling for Bitcoin to go up, surpassing the million dollar mark.

**SPEAKER_2** (4:32)
Your most recent call for Bitcoin to be worth $1,250,000 over the next five years. I gotta be honest, has even some Bitcoin bulls thinking it might be too aggressive. So walk us through this.

**Cathie Wood** (4:44)
Sure. Well, the way we get to that number, now that is our bull case. Our base case is closer to $750,000. But the bull case involves a substitution for gold.
So as generational wealth transfer takes place, we think that younger people are more prone to adopting a digital store of value. So that would be Bitcoin. The second is Bitcoin is an insurance policy, particularly in emerging markets.