Speaking against the backdrop of a crypto market that has already doubled since the start of 2024, Bittel lays the groundwork with a blunt diagnosis of the developed world’s labour market. “The labor force participation rate isn’t going to rise anytime soon – it’s set to keep declining over time. This is a structural problem,” he writes, adding that “humans are already being replaced by AI and robots at a staggering pace, and that shift is only just beginning. This is deflationary.” In his view, shrinking workforces meet unyielding entitlement promises in a cocktail that “reinforces the need for ongoing stimulus to keep the system afloat. Fewer workers. More tech. Same debts.”
Bittel’s next step is the fiscal arithmetic. With public and private liabilities already hovering near 120% of global GDP, “the only answer is more debt… That’s how the system survives,” he warns. Should growth sputter, “Debt-to-GDP is going to keep rising over time,” a trend he expects policymakers to absorb through monetary debasement rather than austerity.
Scarcity is the bridge to Bitcoin. “Bitcoin has been compounding purchasing power faster than any asset in human history—annualizing nearly 150 percent in excess of the debasement rate since 2010,” Bittel notes, while even the Nasdaq’s stellar 13 percent real return “is down 99.94 percent versus Bitcoin since the start of 2012. Shocking…” The superlatives serve a purpose: they frame Bitcoin as the only macro-scale antidote to the policy cocktail of demographic drag, rising leverage and forced liquidity.
All of that funnels into his headline projection. “We’re still in the early stages of a global race—a scramble by institutions, sovereigns, and individuals—to accumulate as much Bitcoin as possible,” Bittel writes. That scramble, he believes, will propel the crypto universe “from a $3 trillion asset class today to $100 trillion over the next seven to ten years.”
Doing the math, a jump from the current $3.55 trillion market capitalisation implies a 40% compound annual growth rate over a decade, or roughly 61% if the window compresses to seven years—both aggressive, but neither without precedent in earlier crypto cycles.
Bittel concedes the path will be “both incredibly challenging and unimaginably rewarding—the worst of times and the best of times,” but he insists Bitcoin is “part of the solution.” He and Pal have called the coming chase for scarce assets “the single greatest wealth-creation opportunity of our lifetimes,” and Bittel closes the thread by declaring that if GMI’s call plays out, it will be “remembered as the greatest macro trade of all time. This is The Everything Code.”
At press time, the total crypto market cap stood at $3.37 trillion.
