Bitwise Sees $1.6 Million Bitcoin Ahead | Matt Cole

Matt Cole argued that Bitwise’s new $1.6 million bitcoin target for 2036 is aggressive but defensible because the addressable store-of-value market is larger than before and fiat debasement continues. He said Strive’s own outlook is still bullish, with a published 2030 target of about $500,000 per bitcoin, and he framed bitcoin’s long-run upside as driven by shrinking trust in the dollar rather than just adoption math. He also pushed back on the idea that bitcoin must “mature” into lower returns, saying the denominator is a weakening US dollar and that super intelligence could actually accelerate demand for scarce assets.

On the bitcoin treasury trade, Cole said the sector has had a washout, but that does not invalidate the model. He argued the weak companies look like failed internet-era startups, while the survivors will be businesses with real balance-sheet strategy and structurally cheaper capital than bitcoin’s expected return. He positioned Strive’s approach as different from companies that simply issue stock and buy bitcoin, saying its digital credit products are meant to create leveraged exposure in a more durable way.

Cole said SATS, Strive’s fixed-rate preferred, is designed to meet investor demand for income stability, and he expects it could ultimately be larger than SATA because many investors prefer fixed income to variable payouts. He also welcomed Strategy’s move to daily dividends, saying it is a better structure for preferred securities and that there is room for multiple issuers serving different investor bases.