Bitwise Just Put Bitcoin at $1.6 Million

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Bitwise just raised its Bitcoin target to $1.6 million by 2036, and Galaxy says the bear market ended in June, even as Jason Calacanis calls Bitcoin done. Jackson, Michael and Brian explain why Wall Street is turning bullish at $80,000, then cover Google's custody push and the Fed's hold.

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ABOUT THIS EPISODE

Bitwise's new long-term capital market assumptions put Bitcoin at $1.6 million by 2036, about 34% a year and more than three times JPMorgan's 10%. Galaxy Research argues the bear market ended in June and that Bitcoin has entered the accumulation phase that preceded every prior advance. Against that, Jason Calacanis says Bitcoin will never set a new high, and the hosts explain why loud bear calls tend to show up near bottoms. Franklin Templeton filed for ETFs that reinvest stock dividends into Bitcoin, and VanEck launched a Wealth Builder fund with a Bitcoin sleeve. The single point of failure of the week is Datavault AI, which says it cannot withdraw its Bitcoin from the Biconomy exchange. The hosts also cover Keystone's store 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.

CHAPTERS

00:00 - Welcome and the Onramp roadshow

03:24 - The third way: Brian's custody report

06:23 - JPMorgan's 10% Bitcoin call, revisited

09:51 - Bitwise goes to 34% a year

10:40 - Jason Calacanis says Bitcoin is done

17:54 - Bitwise's $1.6 million target for 2036

19:21 - Franklin Templeton and VanEck put Bitcoin in the portfolio

22:59 - Galaxy: the bear market ended in June

25:57 - Coiled at $80,000

28:24 - Single point of failure of the week: Datavault AI

31:39 - Keystone's breach and the physical attack problem

37:42 - Google's MPC custody vs Bitcoin multisig

45:34 - ICE, Hyperliquid and 24/7 perpetual futures

48:35 - The Fed holds, and nobody has a plan

54:33 - Alphabet's capex and Anthropic's IPO

57:57 - Why the contrarian trade is gold and Bitcoin

ABOUT THE SHOW

The Last Trade: a weekly, bitcoin-native podcast covering the intersection of bitcoin, tech, and finance on a macro scale. Hosted by Jackson Mikalic, Michael Tanguma, and Brian Cubellis. Join us for the biggest stories shaping bitcoin and digital asset adoption, and what they mean for investors protecting their wealth for the long term.

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Onramp does not provide financial, tax, or legal advice. Nothing here is a recommendation to buy or sell any asset. This episode is for entertainment purposes only.