jakiro
Author: Divine Grace
Bitcoin’s carnivals and lamentations have gone through rounds of ups and downs, but this time it seems to be different.
“I have no doubt that by 2035, Bitcoin will become a larger asset class than gold.” Michael Saylor, the CEO of Strategy, one of the largest bulls in Bitcoin, said this and remained unmoved in the face of the recent dramatic market adjustments.
Even when Bitcoin fell below the $100,000 mark again and Strategy’s stock plummeted 22%, he continued to increase his position by 487 Bitcoins last week.Today, the company’s total Bitcoin holdings have reached641,692 pieces, accounting for a full portion of the total Bitcoin supply3%.
Bitcoin’s current market capitalization is approximately $2.04 trillion, while gold’s market capitalization is $29.2 trillion.For Bitcoin to overtake gold, its price needs to climb to$1.4 millionabove.
01 The confidence of the Bitcoin whale
Michael Thaler doesn’t just talk the talk.He pioneered a strategy years ago: using a company’s free cash flow to issue a mix of debt and equity securities to accumulate as many Bitcoins as possible.This strategy may seem crazy, but it has made him one of the biggest whales in the Bitcoin world.
Thaler pointed out that according to Bitcoin’s production schedule, by 2035,99% of all Bitcoins will be created.This scarcity is one of his core reasons for being bullish on Bitcoin.
Bitcoin’s anonymous creator designed the digital asset to have a fixed supply of 21 million coins.This built-in scarcity is why Bitcoin is often described as a gold-like store of value.
When asked about Strategy’s stock plunge and whether Bitcoin believers were losing confidence, Thaler retorted: “I don’t think they are losing confidence.” He even bluntly said: “The market sentiment is negative, but this is an opportunity for equity investors who make their own decisions.”
02 The rise of digital gold
Bitcoin has long been considered “digital gold,” but it has underperformed gold this year.Gold has outperformed Bitcoin since the start of the year52%.
Yet Wall Street investment bank Bernstein’s confidence in Bitcoin transcends such cyclical fluctuations.They predict that by the end of 2025, the price of Bitcoin will reach$200,000, and believes that Bitcoin will eventually replace gold in the next decade and become the primary “store of value” asset in the new era.
Bernstein analyst Gautam Chhugani noted: “We expect that Bitcoin will eventually replace gold in the next decade as the premier ‘store of value’ asset in the new era, and become a permanent part of institutional multi-asset allocations and the standard for corporate financial management.”
Eric Trump, the second son of President Trump, also holds a similar view. He believes that Bitcoin and other cryptocurrencies will be the future of money and investment and “the best hedge against inflation, against corruption, against mismanaged monetary systems around the world.”
03 Market fluctuations and risk warnings
Bitcoin’s price path has never been smooth sailing.Since 2025, the price of Bitcoin has experienced many fluctuations, once falling sharply by more than 100% in one day.8%, more than1.64 million peopleLiquidation.
Recent data shows that once the price of Bitcoin suddenly fell sharply, once falling below the $100,000 mark, resulting in411,900 peopleThe liquidation amount reached US$1.197 billion.
This intense volatility has sparked fears of a “crypto winter,” a secular bear market for cryptocurrencies.Katie Stockton, Wall Street’s top technical strategist, has warned that Bitcoin’s upward momentum has weakened and that a sell-off could last for weeks.
There are even economists who firmly believe that Bitcoin is a huge bubble.Well-known American economist Peter Schiff believes that Bitcoin has becomeA bubble bigger than the dot-com bubble.
04 Institutional funds are accelerating their entry
Despite volatility and criticism, institutional interest in Bitcoin continues to grow.Bernstein pointed out that since the launch of the Bitcoin Spot ETF, it has accumulated approximately$100 billion, becoming the fastest-growing ETF of all time.
Business software company MicroStrategy has been aggressively pursuing a “Bitcoin funding strategy,” holding more than$40 billionof Bitcoin, and other companies are following suit.
Jeff Kendrick, global head of digital asset research at Standard Chartered Bank, predicts that if U.S. pension funds, global sovereign wealth funds, or potentially the U.S. Strategic Reserve Fund accept Bitcoin faster, inflows will increase significantly.He noted: “The total amount of U.S. retirement accounts/pension funds is $40 trillion. Even if1%($400 billion) would also be a huge inflow of funds that could push Bitcoin prices up significantly.”
05 Changes in the political and regulatory environment
The political environment is also changing in Bitcoin’s favor.After Trump was elected president, he appointed former PayPal COO David Sacks as the White House head of AI and cryptocurrency affairs, working to develop a legal framework to allow the cryptocurrency industry to flourish in the United States.
Trump also promised crypto-friendly policies during his campaign and proposedEstablishing a national Bitcoin reserveidea.
HashKey, a Hong Kong licensed institution, believes that 2025 will be the year of interconnection between traditional finance and encrypted finance.They predict that Bitcoin may exceed $300,000, and the total market value of the crypto market will reach$10 trillion.
Xiao Feng, chairman and CEO of HashKey Group, said: “If the U.S. Congress and U.S. government departments vigorously promote the cryptocurrency market, it will cause traditional financial institutions around the world to gradually begin to provide financial services for the cryptocurrency market.”
With Trump appointing cryptocurrency supporters to important positions and the adoption of favorable regulatory policies such as the GENIUS Act in the United States, the interconnection between traditional finance and crypto-finance is accelerating.
Going back to Thaler’s prediction, can Bitcoin really surpass gold by 2035?Data shows that Bitcoin’s current market value is only that of gold11%or so, which means Bitcoin accounts for less than 1% of global portfolio allocations1%.But looking at it from another perspective, this also means huge room for growth.The outcome of this century’s gamble is yet to be determined.
