Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is sponsored by crypto.com and nexo.io, and produced and distributed by coin desk.

What's going on, guys? It is Sunday, November 29th, and that means it's time for Longreed Sunday.

So because of the holiday, I'm recording this earlier in the week. I apologize in advance,

if anything crazy has happened between now and then. But I thought

it would be fun for this holiday weekend to read some delicious red meat for you bitcoiners out there.

This is called the complete case for 100K Bitcoin and is by Hong Fang. Hong is the CEO at OKC

coin. She has been on this show talking about their

investment, their grant to a Bitcoin core developer. And I thought that this piece was a really

good follow-up to my episode with BJ Boyapati from a couple weeks ago. It was all about

valuation frameworks for Bitcoin, different ways of understanding what the price

of Bitcoin might be based on the mental models we have for it. This puts some more numbers

around that in a way that I think you guys will appreciate, and it's a fun little piece. So without

any further ado, here is the complete case for 100K Bitcoin. What a year, a global pandemic, a wavering stock

market, rising numbers of unemployed people, and continued uncertainty in global markets.

Yet we saw the Bitcoin price recover from 5,300 in March to almost 18,000 at time of writing.

That's almost a 240% return within nine months.

For regular investors, the burning question is whether Bitcoin is becoming overpriced. Is it too

late to buy? If we put aside short-term volatility and take a long-term perspective,

there is a reasonable path for the price of Bitcoin to reach over 500,000 in the next decade.

To go even further,

...