Bitcoin's bull case this week came down to one word: debasement.
Research published through the window leaned constructive, framing BTC as a hedge against fiat erosion, widening deficits, and unsustainable fiscal paths — the same tailwind lifting gold. One strand attributed the rerating from the mid-60s to the mid-80s directly to those currency-risk concerns, with further demand expected as fiscal uncertainty drags on.
Longer-dated targets were ambitious. One view sees $200K–$300K over the next two years on continued monetary expansion. A more structural call models $1.3M by 2035, premised on Bitcoin capturing a quarter of gold's market value at gold's historical growth rate — the "digital gold" thesis, supported by demographic adoption.
Not everything was one-way. A cautious thread flagged near-term risk: liquidity drain and tighter policy already pressuring credit could spill into crypto in coming weeks, though the same work frames this as transitory ahead of a 2027 policy-intervention regime it expects to be structurally bullish.