Bitcoin could reach $10 million per coin by 2035, according to a new publication that examines the cryptocurrency's long-term potential as global wealth seeks assets immune to devaluation.
Joe Burnett, Director of Market Research at Unchained, outlines this thesis in his inaugural quarterly letter titled "The Mustard Seed," which examines where Bitcoin, technology and civilization might stand a decade from now. His analysis focuses on what he terms "time arbitrage" — identifying profound economic shifts before they become widely recognized.
"Unlike most financial commentary that fixates on the next quarter or next year, this letter takes the long view—identifying profound shifts before they become consensus," Burnett writes in the publication.
The analysis centers on two primary catalysts: a "Great Flow of Capital" into Bitcoin as an asset with absolute scarcity, and the "Acceleration of Deflationary Technology" as artificial intelligence and robotics transform industries globally. These forces, Burnett argues, are creating unprecedented conditions for capital migration into Bitcoin.
Burnett's research observes that the global financial system, encompassing approximately $900 trillion in assets, faces persistent risks of dilution or devaluation. Traditional stores of value each contain expansionary or inflationary elements that gradually erode their effectiveness. Gold, valued around $20 trillion globally, increases in supply by approximately 2% annually. Real estate, worth roughly $300 trillion, expands through development at about 2.4% yearly. Corporate equities, totaling $110 trillion, face constant competitive pressures and market saturation. Fixed income and fiat currencies, valued at $230 trillion, remain structurally vulnerable to inflation.
Burnett describes this phenomenon using a waterfall analogy: capital naturally seeks the "lowest potential energy state," similar to water flowing downhill. "Before bitcoin, wealth had no true escape from dilution or devaluation," he notes, referencing MicroStrategy's Michael Saylor. "Wealth stored in every asset class acted as a market bounty, incentivizing dilution or devaluation."
Bitcoin's hard cap of 21 million coins represents a fundamental departure from this pattern. The cryptocurrency's fixed supply means increasing demand directly translates to price appreciation without triggering additional production. This property creates what Burnett characterizes as an untapped reservoir for global wealth, one that cannot be augmented or diluted.
While acknowledging the speculative nature of price forecasts, Burnett references existing models projecting Bitcoin at $1.8-2.1 million by 2035. He suggests these figures might be "too conservative" as they typically assume diminishing returns. In an environment of accelerating technological adoption, he argues Bitcoin could significantly exceed these estimates.
A second major catalyst identified in the publication is the deflationary wave driven by automation, AI and robotics. These technologies increase productivity while lowering costs across multiple sectors. Burnett cites examples including Adidas "Speedfactories" reducing production time from months to days, 3D printing potentially decreasing manufacturing costs tenfold, and autonomous ride-hailing services potentially cutting transportation costs by 90%.
Under traditional monetary systems, such natural deflation is often "artificially suppressed" through inflation and stimulus. Bitcoin, Burnett argues, would allow deflation to "run its course," increasing purchasing power as goods become more affordable. "A person holding 0.1 BTC today (~$10,000) could see its purchasing power increase 100x or more by 2035 as goods and services become exponentially cheaper," he writes.
Burnett's $10 million Bitcoin forecast would represent a total market capitalization of approximately $200 trillion. While substantial, this figure would constitute roughly 11% of projected global wealth by 2035, assuming wealth continues to expand at about 7% annually. The publication suggests allocating this proportion into "the best long-term store of value asset" is plausible given historical precedent.
Despite growing awareness, substantial Bitcoin adoption remains remarkably limited. "The number of people worldwide with $100,000 or more in bitcoin is only 400,000... that's 0.005% of the global population—just 5 in 100,000 people," Burnett notes. While studies indicate broader exposure through investment vehicles like ETFs, direct ownership of significant amounts remains niche.
The publication emphasizes that reaching $10 million doesn't require Bitcoin to replace all global money—only to "absorb a meaningful percentage of global wealth." The strategy for forward-looking investors, according to Burnett, is to "ignore short-term noise, focus on the multi-year horizon, and act before global awareness of Bitcoin's properties becomes universal."
Bitcoin traded at $83,599 at press time.