Key takeaways:
Brad Mills forecasts a 100X Bitcoin rally driven by institutional adoption, halving-induced scarcity, and retail-focused technology developments.
The US Strategic Bitcoin Reserve, initiated with 200,000 BTC, marks a policy shift toward long-term government-held Bitcoin monetary policy.
Bitcoin (BTC) maximalist Brad Mills predicts that the market is at the dawn of a “SaylorCycle,” a decade-long growth for BTC driven by Michael Saylor’s influence and Strategy’s 592,100 treasury haul, which is expected to continue.
Mills argued that Bitcoin’s transition from an “illegitimate asset” to a “must-own asset” could see corporations and nations hoarding it as a treasury and strategic reserve, referring to El Salvador’s 6,209 BTC holdings and Saylor’s vision of a $200 trillion economy as evidence of bullish momentum.
“Bitcoin could 100x in 10-20 years”
Mills based this outlook on Bitcoin’s 21 million supply cap and halving-induced scarcity, reducing supply by 50% every four years, alongside growing demand. Square, a business arm of Block, Inc., will roll out Lightning Network-powered payments by 2026, cutting merchant fees by 50%, boosting transactional use. Chaumian eCash mints, like CashuBTC, enable scalable, privacy-focused retail savings via tokenized sats. Mills expected these two companies to drive Bitcoin exposure, “enabling small retail savers to accumulate sats.”
The investor forecasts a 100X rise to $10 million over 10-20 years, with bear market drops softening to 50% and bull runs peaking at 200% annually, contrasting BTC’s historical 80-90% corrections.
However, Blockstream CEO Adam Back countered with a “parabolic breakout” possibility, suggesting that BTC is currently in a transition period before it breaks away from traditional price cycles. Back suggested that Bitcoin could experience a steeper upward surge, driven by growing adoption and reduced market volatility, rather than following the usual pattern of diminishing returns.
This idea challenges conventional models like the Stock-to-Flow (S2F) and power-law predictions, hinting that the market might enter a phase where Bitcoin’s value could skyrocket, especially as more institutions and corporations embrace it as a treasury asset.
Related: $112K BTC was not ‘bull market peak’: 5 things to know in Bitcoin this week
Policy shifts and the Bitcoin Reserve: A new macro force?
Recent speculation by veteran trader Peter Brandt of a 75% Bitcoin crash, echoing its 2022 drop, faces skepticism from analysts like Pav Hundal, who argued that BTC is currently bolstered by institutional adoption, which differs from 2021. This supports Mills’ view of reduced volatility.
The US government’s steps toward establishing a Strategic Bitcoin Reserve mark a potential shift in Bitcoin’s market dynamics. Senator Cynthia Lummis’s Bitcoin Reserve Act, backed by President Trump’s March 2025 executive order, initiated a reserve of 200,000 BTC, seized from past criminal cases.
While this move doesn’t immediately impact supply (as the BTC was already under custody), it signals a policy pivot: the US intends to hold, not sell, its Bitcoin assets. The order also authorizes budget-neutral methods for expanding the reserve, including asset swaps or sovereign mining, suggesting a long-term commitment without relying on taxpayer funds.
Veteran investor Chris Dunn believes such developments could reduce the influence of Bitcoin’s internal price drivers, like the halving cycle, shifting attention to external macroeconomic forces. If more nations adopt similar reserves, Bitcoin could evolve into a global strategic asset, alongside gold and US Treasurys. This aligns with Brad Mills’ thesis of a “Saylor Cycle” driven by institutional and national adoption.
However, the 100X forecast for Bitcoin hinges on speculative variables such as regulatory clarity and sustained institutional investor demand.
Related: Crypto funds notch $1.9B of inflows as Bitcoin rebounds
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
