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In a brand new publication titled The Mustard Seed, Joe Burnett—Director of Market Analysis at Unchained—outlines a thesis that envisions Bitcoin reaching $10 million per coin by 2035. This inaugural quarterly letter takes the lengthy view, specializing in “time arbitrage” because it surveys the place Bitcoin, know-how, and human civilization may stand a decade from now.
Burnett’s argument revolves round two principal transformations that, he contends, are setting the stage for an unprecedented migration of world capital into Bitcoin: (1) the “Nice Movement of Capital” into an asset with absolute shortage, and (2) the “Acceleration of Deflationary Know-how” as AI and robotics reshape total industries.
A Lengthy-Time period Perspective On Bitcoin
Most financial commentary zooms in on the following earnings report or the quick value volatility. In distinction, The Mustard Seed declares its mission clearly: “Not like most monetary commentary that fixates on the following quarter or subsequent yr, this letter takes the lengthy view—figuring out profound shifts earlier than they turn out to be consensus.”
On the core of Burnett’s outlook is the statement that the worldwide monetary system—comprising roughly $900 trillion in whole belongings—faces ongoing dangers of “dilution or devaluation.” Bonds, currencies, equities, gold, and actual property every have expansionary or inflationary elements that erode their store-of-value operate:
- Gold ($20 trillion): Mined at roughly 2% yearly, growing provide and slowly diluting its shortage.
- Actual Property ($300 trillion): Expands at round 2.4% per yr attributable to new growth.
- Equities ($110 trillion): Firm income are continuously eroded by competitors and market saturation, contributing to devaluation threat.
- Fastened Revenue & Fiat ($230 trillion): Structurally topic to inflation, which reduces buying energy over time.
Burnett describes this phenomenon as capital “looking for a decrease potential vitality state,” likening the method to water cascading down a waterfall. In his view, all pre-Bitcoin asset lessons had been successfully “open bounties” for dilution or devaluation. Wealth managers may distribute capital amongst actual property, bonds, gold, or shares, however every class carried a mechanism by which its actual worth may erode.
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Enter Bitcoin, with its 21-million-coin onerous cap. Burnett sees this digital asset as the primary financial instrument incapable of being diluted or devalued from inside. Provide is mounted; demand, if it grows, can immediately translate into value appreciation. He cites Michael Saylor’s “waterfall analogy”: “Capital naturally seeks the bottom potential vitality state—simply as water flows downhill. Earlier than bitcoin, wealth had no true escape from dilution or devaluation. Wealth saved in each asset class acted as a market bounty, incentivizing dilution or devaluation.”
As quickly as Bitcoin grew to become widely known, says Burnett, the sport modified for capital allocation. Very similar to discovering an untapped reservoir far under current water basins, the worldwide wealth provide discovered a brand new outlet—one that can not be augmented or diluted.
As an example Bitcoin’s distinctive provide dynamics, The Mustard Seed attracts a parallel with the halving cycle. In 2009, miners obtained 50 BTC per block—akin to Niagara Falls at full power. As of as we speak, the reward dropped to three.125 BTC, paying homage to halving the Falls’ move repeatedly till it’s considerably diminished. In 2065, Bitcoin’s newly minted provide can be negligible in comparison with its whole quantity, mirroring a waterfall diminished to a trickle.
Although Burnett concedes that makes an attempt to quantify Bitcoin’s international adoption depend on unsure assumptions, he references two fashions: the Energy Legislation Mannequin which tasks $1.8 million per BTC by 2035 and Michael Saylor’s Bitcoin mannequin which suggests $2.1 million per BTC by 2035.
He counters that these projections is likely to be “too conservative” as a result of they usually assume diminishing returns. In a world of accelerating technological adoption—and a rising realization of Bitcoin’s properties—value targets may overshoot these fashions considerably.
The Acceleration Of Deflationary Know-how
A second main catalyst for Bitcoin’s upside potential, per The Mustard Seed, is the deflationary wave introduced on by AI, automation, and robotics. These improvements quickly improve productiveness, decrease prices, and make items and companies extra considerable. By 2035, Burnett believes international prices in a number of key sectors may bear dramatic reductions.
Adidas’ “Speedfactories” lower sneaker manufacturing from months to days. The scaling of 3D printing and AI-driven meeting strains may slash manufacturing prices by 10x. 3D-printed houses already go up 50x sooner at far decrease prices. Superior supply-chain automation, mixed with AI logistics, may make high quality housing 10x cheaper. Autonomous ride-hailing can doubtlessly cut back fares by 90% by eradicating labor prices and bettering effectivity.
Burnett underscores that, underneath a fiat system, pure deflation is commonly “artificially suppressed.” Financial insurance policies—like persistent inflation and stimulus—inflate costs, masking know-how’s actual affect on reducing prices.
Bitcoin, alternatively, would let deflation “run its course,” growing buying energy for holders as items turn out to be extra reasonably priced. In his phrases: “An individual holding 0.1 BTC as we speak (~$10,000) may see its buying energy improve 100x or extra by 2035 as items and companies turn out to be exponentially cheaper.”
As an example how provide development erodes a retailer of worth over time, Burnett revisits gold’s efficiency since 1970. Gold’s nominal value from $36 per ounce to roughly $2,900 per ounce in 2025 seems substantial, however that value acquire was repeatedly diluted by the annual 2% improve in gold’s total provide. Over 5 many years, the worldwide inventory of gold nearly tripled.
If gold’s provide had been static, its value would have hit $8,618 per ounce by 2025, in line with Burnett’s calculations. This provide constraint would have bolstered gold’s shortage, presumably pushing demand and value even larger than $8,618.
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Bitcoin, against this, incorporates exactly the mounted provide situation that gold by no means had. Any new demand won’t spur extra coin issuance and thus ought to drive the worth upward extra immediately.
Burnett’s forecast for a $10 million Bitcoin by 2035 would suggest a complete market cap of $200 trillion. Whereas that determine sounds colossal, he factors out that it represents solely about 11% of world wealth—assuming international wealth continues to develop at a ~7% annual fee. From this vantage level, allocating round 11% of the world’s belongings into what The Mustard Seed calls “the perfect long-term retailer of worth asset” won’t be far-fetched. “Each previous retailer of worth has perpetually expanded in provide to fulfill demand. Bitcoin is the primary that can’t.”
A key piece of the puzzle is the safety finances for Bitcoin: miner income. By 2035, Bitcoin’s block subsidy can be all the way down to 0.78125 BTC per block. At $10 million per coin, miners may earn $411 billion in combination income annually. Since miners promote the Bitcoin they earn to cowl prices, the market must soak up $411 billion of newly mined BTC yearly.
Burnett attracts a parallel with the worldwide wine market, which was valued at $385 billion in 2023 and is projected to achieve $528 billion by 2030. If a “mundane” sector like wine can maintain that stage of client demand, an business securing the world’s main digital retailer of worth reaching comparable scale, he argues, is nicely inside purpose.
Regardless of public notion that Bitcoin is turning into mainstream, Burnett highlights an underreported metric: “The variety of individuals worldwide with $100,000 or extra in bitcoin is simply 400,000… that’s 0.005% of the worldwide inhabitants—simply 5 in 100,000 individuals.”
In the meantime, research would possibly present round 39% of People have some stage of “direct or oblique” Bitcoin publicity, however this determine contains any fractional possession—reminiscent of holding shares of Bitcoin-related equities or ETFs by means of mutual funds and pension plans. Actual, substantial adoption stays area of interest. “If Bitcoin is the perfect long-term financial savings know-how, we’d anticipate anybody with substantial financial savings to carry a considerable quantity of bitcoin. But as we speak, nearly nobody does.”
Burnett emphasizes that the highway to $10 million doesn’t require Bitcoin to supplant all cash worldwide—solely to “soak up a significant share of world wealth.” The technique for forward-looking traders, he contends, is easy however non-trivial: ignore short-term noise, deal with the multi-year horizon, and act earlier than international consciousness of Bitcoin’s properties turns into common. “Those that can see previous the short-term volatility and deal with the larger image will acknowledge bitcoin as probably the most uneven and missed wager in international markets.”
In different phrases, it’s about “front-running the capital migration” whereas Bitcoin’s person base remains to be comparatively minuscule and the overwhelming majority of conventional wealth stays in legacy belongings.
At press time, BTC traded at $83,388.

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