Bitwise, Galaxy and the Long-Term Bitcoin Outlook

The Last Trade hosts walk through Bitwise's new long-term capital market assumptions, which project bitcoin at $1.6 million by 2036, about 34% a year, against JPMorgan's 10% a year. They cover Galaxy Research's view that the bear market ended in June, Jason Calacanis's contrary view, Franklin Templeton's dividend-reinvestment ETF filings and VanEck's Wealth Builder fund. The single point of failure segment looks at Datavault AI's statement that it cannot withdraw its bitcoin from the Biconomy exchange. The hosts also discuss Keystone's reported breach, Google's MPC custody plans, ICE's 24/7 perpetual futures on Hyperliquid, the Fed's hold, Alphabet's capex and Anthropic's IPO filing. Forecasts are those of the firms and people named, not Onramp's.

Chapters

00:00 - Welcome and the Onramp roadshow 03:24 - Brian's Custody Report 06:23 - JPMorgan's 10% Bitcoin call, revisited 09:51 - Bitwise's 34% Annual Forecast 10:40 - Jason Calacanis on Bitcoin's Outlook 17:54 - Bitwise's $1.6 Million 2036 Projection 19:21 - Franklin Templeton and VanEck put Bitcoin in the portfolio 22:59 - Galaxy Research's View on the Bear Market 25:57 - Bitcoin Near $80,000 28:24 - Single Point of Failure Segment: Datavault AI's Exchange Statement 31:39 - Keystone's Reported Breach and Physical Security 37:42 - Google's MPC Custody Plans and Bitcoin Multisig 45:34 - ICE, Hyperliquid and 24/7 perpetual futures 48:35 - The Fed Holds Rates 54:33 - Alphabet's capex and Anthropic's IPO 57:57 - The Hosts' Contrarian Case on Gold and Bitcoin