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.

What's going on, guys? We are back with another breakdown end of year episode. Before we get

into that, however, if you are enjoying

the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to

dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the

show notes or go to bit.ly slash breakdown pod. All right, friends, this is the third and

final episode in this holiday themed series. For this episode, we are talking about

the ghost of Bitcoin's future, and that means we are zooming into the far ahead, or at least

farther ahead than the Ghost of Bitcoin's present episode. I would characterize the content here

less as predictions and more as thought experiments about how the future could play out. And you will see there's

kind of a variety of level of conviction or likelihood of these, but we'll get into all of that as we

dig in. I will say that I believe that we've never been in a better position to explore this far out.

Things that once seemed like a pipe dream, or at least still very, very much deep in the future and conditional upon a lot of things working out. Things that once seemed like a pipe dream, or at least still very, very much deep in the future,

and conditional upon a lot of things working out, now seem on much more solid footing. So here's

a fun one to start. Have we seen the end of the days of five-figure Bitcoin? Now, of course,

I'm recording this as Bitcoin has greater down to 93,000 over the last 24 hours.

So I don't literally mean right now. But there is still a very different sense from the other side

of 100,000 about where the future price of Bitcoin lies. The two sort of consensus price

targets for Bitcoin are either, one, flipping the market cap of gold, or two, just a clean million dollars

per BTC. But maybe the more interesting question is where we bought them out in the future.

It feels fairly possible that the age of 80% drawdowns and brutal crypto winters is an artifact

...