Bitcoin to $5M a ‘Near Certainty,’ Says Crypto Author — Gary Cardone Slams Forecast as ‘Stupid’
Tevelow said an entire industry had spent 17 years building infrastructure intended to broaden Bitcoin's ownership and use.
Once people join the network, he argued, Bitcoin's incentive structure encourages them to support its continued expansion.
The author also disputed the assumption that Bitcoin's value must remain below that of gold or other established assets.
Tevelow also argued that investors struggle to understand how quickly new technologies can displace established assets.
Gold's thousands of years of monetary history, he said, did not prevent a digitally scarce asset from competing with it.
"I can't tell you when Bitcoin will hit $5M a coin," Tevelow acknowledged.
"…but I can confidently say—without a black swan or extinction event, it's much closer to a 100% certainty than an impossibility," he added.
Dennis Porter Says Critics Misunderstand Bitcoin's Scarcity
Satoshi Action Fund co-founder Dennis Porter offered another detailed defense of the $5 million target, going as far as to say it would reach $10 million.
Porter's position follows a peer-reviewed model he co-authored, which found Bitcoin could reach $5 million under aggressive scenarios involving continued institutional accumulation and declining liquid supply.
"There is no law of finance saying one unit of an asset cannot be worth hundreds of thousands or millions of dollars," Porter wrote on X.
Adding: "The important question is not the nominal price of one unit. It is the value of the entire asset, the amount of supply available, and the demand competing for it."
The co-founder added that "Bitcoin has a characteristic almost no other major asset possesses."
He added that its demand will keep growing and that its supply cannot respond; meanwhile, he noted that "gold miners can mine more gold" and "developers can build more real estate."
How Much Would Bitcoin Need to Grow to Reach $5M?
Bitcoin was trading at approximately $77,800 at the time of writing, with a market capitalization of $1.56 trillion and around 20.07 million BTC in circulation, according to CoinMarketCap.
Reaching $5 million would require:
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A price increase of approximately 6,325%.
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A rise of around 64 times from current levels.
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A market capitalization of approximately $100.35 trillion.
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A fully diluted valuation of $105 trillion based on Bitcoin's 21 million maximum supply.
The precise market capitalization would depend on when Bitcoin reached the target, as additional coins will continue entering circulation.
Even the lower $100.35 trillion figure would dwarf the US stock market's largest individual exchanges.
The World Federation of Exchanges valued Nasdaq-US-listed companies at approximately $43.58 trillion in June.
BTC at $5 million would therefore be worth roughly 2.3 times the combined market capitalization of Nasdaq-listed companies—and around three times the latest reported value of companies listed on the New York Stock Exchange.
It would also represent close to 60% of the $167.8 trillion value of equities across all exchanges tracked by the World Federation of Exchanges.
Those comparisons demonstrate the overwhelming scale of the bullish prediction.
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