A Visionary Outlook on Bitcoin’s Future
In The Mustard Seed, a quarterly publication by Joe Burnett, Director of Market Research at Unchained, a bold prediction emerges: Bitcoin could reach $10 million per coin by 2035. This analysis hinges on two transformative trends:
1. The Great Flow of Capital: Global wealth migrating toward assets with absolute scarcity.
2. Deflationary Technology Acceleration: AI and robotics driving down costs, amplifying Bitcoin’s value proposition.
👉 Discover how Bitcoin’s scarcity fuels its long-term potential
Why Bitcoin’s Scarcity Matters
The Dilution Problem in Traditional Assets
Burnett highlights how conventional assets suffer from inflationary or dilutive pressures:
| Asset Class | Market Size (2025) | Annual Dilution Risk |
|---|---|---|
| Gold | $20 trillion | ~2% (new mining) |
| Real Estate | $300 trillion | ~2.4% (new development) |
| Equities | $110 trillion | Profit erosion |
| Fiat & Bonds | $230 trillion | Inflationary policies |
Bitcoin’s fixed supply of 21 million coins makes it immune to such dilution. Burnett likens this to capital finding a “lower potential energy state”—akin to water flowing downhill.
The Halving Cycle Analogy
- 2009: 50 BTC/block (Niagara Falls at full force).
- 2025: 3.125 BTC/block (a trickle post-multiple halvings).
- 2065: Negligible new supply, cementing scarcity.
👉 Learn why Bitcoin halvings are critical for price appreciation
Deflationary Technology: A Catalyst for Bitcoin
Cost Reductions by 2035
- Manufacturing: AI-driven factories could slash costs by 90%.
- Housing: 3D-printed homes may become 10x cheaper.
- Transport: Autonomous ride-hailing might reduce fares by 90%.
Under fiat systems, such deflation is often suppressed by monetary policies. Bitcoin, however, lets deflation amplify holders’ purchasing power.
Gold vs. Bitcoin: A Supply Comparison
- Gold (1970–2025): Price rose from $36 to $2,900/oz, but supply tripled, diluting gains.
- Bitcoin: Fixed supply ensures demand directly boosts price. Burnett estimates gold would have hit $8,618/oz with static supply.
Roadmap to $10 Million per Bitcoin
Market Cap Projections
- $10 million/Bitcoin = $200 trillion market cap (~11% of global wealth by 2035).
- Miner revenue at this price: $411 billion/year (comparable to the global wine market).
Adoption Realities
- Only 0.005% of the global population holds >$100,000 in Bitcoin.
- While 39% of Americans have some exposure, substantial ownership remains rare.
Burnett argues Bitcoin doesn’t need to replace all money—just capture a fraction of global wealth.
FAQs
Q: Is $10 million/Bitcoin realistic?
A: Models like the Power Law Projection ($1.8M by 2035) may underestimate adoption acceleration.
Q: How does AI impact Bitcoin’s value?
A: AI-driven deflation could make Bitcoin’s fixed supply even more valuable.
Q: What’s the biggest risk to this prediction?
A: Regulatory crackdowns or technological failures, though Bitcoin’s resilience is proven.
Q: How should investors respond?
A: Focus on long-term horizons; ignore short-term volatility.
Conclusion: The Asymmetric Opportunity
Bitcoin represents a historic shift in storing value. As Burnett notes, “Those who recognize its properties early will front-run the capital migration.” With BTC at $83,388 today, the journey to $10 million is a marathon—not a sprint.
Disclaimer: This analysis is for informational purposes only. Past performance does not guarantee future results.