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In a brand new publication titled The Mustard Seed, Joe Burnett—Director of Market Research 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, expertise, 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 “Great Flow of Capital” into an asset with absolute shortage, and (2) the “Acceleration of Deflationary Technology” as AI and robotics reshape total industries.
A Long-Term Perspective On Bitcoin
Most financial commentary zooms in on the following earnings report or the rapid worth volatility. In distinction, The Mustard Seed broadcasts its mission clearly: “Unlike most financial commentary that fixates on the next quarter or next year, this letter takes the long view—identifying profound shifts before they become consensus.”
At the core of Burnett’s outlook is the remark that the worldwide monetary system—comprising roughly $900 trillion in complete belongings—faces ongoing dangers of “dilution or devaluation.” Bonds, currencies, equities, gold, and actual property every have expansionary or inflationary parts that erode their store-of-value perform:
- Gold ($20 trillion): Mined at roughly 2% yearly, rising provide and slowly diluting its shortage.
- Real Estate ($300 trillion): Expands at round 2.4% per 12 months because of new growth.
- Equities ($110 trillion): Company income are consistently eroded by competitors and market saturation, contributing to devaluation threat.
- Fixed Income & Fiat ($230 trillion): Structurally topic to inflation, which reduces buying energy over time.
Burnett describes this phenomenon as capital “searching for a lower potential energy state,” likening the method to water cascading down a waterfall. In his view, all pre-Bitcoin asset lessons have 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 arduous cap. Burnett sees this digital asset as the primary financial instrument incapable of being diluted or devalued from inside. Supply is mounted; demand, if it grows, can straight translate into worth appreciation. He cites Michael Saylor’s “waterfall analogy”: “Capital naturally seeks the lowest potential energy state—just as water flows downhill. Before bitcoin, wealth had no true escape from dilution or devaluation. Wealth stored in every asset class acted as a market bounty, incentivizing dilution or devaluation.”
As quickly as Bitcoin grew to become well known, says Burnett, the sport modified for capital allocation. Much like discovering an untapped reservoir far under present water basins, the worldwide wealth provide discovered a brand new outlet—one that can not be augmented or diluted.
To illustrate 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 pressure. As of at the moment, 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 might be negligible in comparison with its complete quantity, mirroring a waterfall diminished to a trickle.
Though Burnett concedes that makes an attempt to quantify Bitcoin’s international adoption depend on unsure assumptions, he references two fashions: the Power Law Model which initiatives $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 may 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—worth targets may overshoot these fashions considerably.
The Acceleration Of Deflationary Technology
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 enhance 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 properties already go up 50x quicker at far decrease prices. Advanced supply-chain automation, mixed with AI logistics, may make high quality housing 10x cheaper. Autonomous ride-hailing can probably scale back fares by 90% by eradicating labor prices and bettering effectivity.
Burnett underscores that, underneath a fiat system, pure deflation is commonly “artificially suppressed.” Monetary insurance policies—like persistent inflation and stimulus—inflate costs, masking expertise’s actual impression on reducing prices.
Bitcoin, then again, would let deflation “run its course,” rising buying energy for holders as items grow to be extra reasonably priced. In his phrases: “A person holding 0.1 BTC today (~$10,000) could see its purchasing power increase 100x or more by 2035 as goods and services become exponentially cheaper.”
To illustrate how provide progress erodes a retailer of worth over time, Burnett revisits gold’s performance since 1970. Gold’s nominal worth from $36 per ounce to roughly $2,900 per ounce in 2025 seems substantial, however that worth acquire was repeatedly diluted by the annual 2% enhance in gold’s total provide. Over 5 many years, the worldwide inventory of gold virtually tripled.
If gold’s provide had been static, its worth would have hit $8,618 per ounce by 2025, in response to Burnett’s calculations. This provide constraint would have bolstered gold’s shortage, probably pushing demand and worth even larger than $8,618.
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Bitcoin, in contrast, incorporates exactly the mounted provide situation that gold by no means had. Any new demand is not going to spur further coin issuance and thus ought to drive the value upward extra straight.
Burnett’s forecast for a $10 million Bitcoin by 2035 would suggest a complete market cap of $200 trillion. While that determine sounds colossal, he factors out that it represents solely about 11% of world wealth—assuming international wealth continues to broaden at a ~7% annual charge. From this vantage level, allocating round 11% of the world’s belongings into what The Mustard Seed calls “the best long-term store of value asset” may not be far-fetched. “Every past store of value has perpetually expanded in supply to meet demand. Bitcoin is the first that cannot.”
A key piece of the puzzle is the safety finances for Bitcoin: miner income. By 2035, Bitcoin’s block subsidy might be right down to 0.78125 BTC per block. At $10 million per coin, miners may earn $411 billion in mixture 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 shopper demand, an trade securing the world’s main digital retailer of worth reaching comparable scale, he argues, is properly inside purpose.
Despite public notion that Bitcoin is changing into mainstream, Burnett highlights an underreported metric: “The number of people worldwide with $100,000 or more in bitcoin is only 400,000… that’s 0.005% of the global population—just 5 in 100,000 people.”
Meanwhile, research would possibly present round 39% of Americans have some stage of “direct or indirect” Bitcoin publicity, however this determine contains any fractional possession—reminiscent of holding shares of Bitcoin-related equities or ETFs via mutual funds and pension plans. Real, substantial adoption stays area of interest. “If Bitcoin is the best long-term savings technology, we would expect anyone with substantial savings to hold a substantial amount of bitcoin. Yet today, virtually no one does.”
Burnett emphasizes that the highway to $10 million doesn’t require Bitcoin to supplant all cash worldwide—solely to “absorb a meaningful percentage of global wealth.” The technique for forward-looking buyers, he contends, is easy however non-trivial: ignore short-term noise, concentrate on the multi-year horizon, and act earlier than international consciousness of Bitcoin’s properties turns into common. “Those who can see past the short-term volatility and focus on the bigger picture will recognize bitcoin as the most asymmetric and overlooked bet in global markets.”
In different phrases, it’s about “front-running the capital migration” whereas Bitcoin’s consumer 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.

Featured picture created with DALL.E, chart from TradingView.com