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Over the next ten to twenty years, Bitcoin's price could rise another 100 times. At least that's what one early Bitcoin investor believes.
One of the early Bitcoin users says Bitcoin could see another 100x cycle.
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Key points:
Brad Mills expects Bitcoin's value to rise by 100x driven by institutional adoption, the scarcity from the halving, and retail-focused technological developments.
The U.S. strategic Bitcoin reserve, launched with 200,000 Bitcoin, represents a policy shift towards a long-term monetary policy based on Bitcoin held by the government.
Brad Mills, a Bitcoin expert, expects the market to be at the dawn of the 'Saylor Cycle,' a decade-long growth for Bitcoin driven by Michael Saylor's influence and the strategic harvest of 592,100 Treasury bonds, with this growth expected to continue.
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Mills claimed that Bitcoin's transition from 'an illicit asset' to 'an asset to own' could drive companies and nations to store it as a treasury and strategic reserve, referencing El Salvador's 6,209 Bitcoin holdings and Saylor's vision of a $200 trillion economy as evidence of the bullish momentum.
"Bitcoin's price may multiply by 100 times over the next 10 to 20 years."
Mills based his predictions on the fixed supply of 21 million Bitcoin, the resulting halving scarcity, which leads to a 50% reduction in supply every four years, alongside increasing demand. Square, the commercial arm of Block, will introduce Lightning Network-backed payments by 2026, reducing merchant fees by 50% and boosting transaction usage. Chaumian e-currencies, such as Cash BTC, enable scalable retail options with a focus on privacy through distinctive sats coins. Mills predicted that these two companies would enhance Bitcoin's adoption, 'enabling small retail savers to accumulate sats coins.'
Cryptocurrencies, Bitcoin price, markets, price analysis, market analysis
Comparing Bitcoin's bull cycle, by Brad Mills. Source: X.com
The investor expects a 100x increase to $10 million over the next 10 to 20 years, with downturns reducing to 50% and peaks rising to 200% annually, unlike historical corrections of 80-90% for Bitcoin.
Nonetheless, Adam Back, CEO of Blockstream, responded with the likelihood of a 'parabolic breakout', noting that Bitcoin is currently in a transitional phase before it decouples from traditional price cycles. Back indicated that Bitcoin could experience a sharp rise, driven by increasing adoption and reduced market volatility, instead of following the usual pattern of diminishing returns.
This idea challenges traditional models like the stock-to-flow (S2F) model and power law forecasts, suggesting that the market may enter a phase where Bitcoin's value can rise significantly, especially as more institutions and companies adopt it as a treasury asset.
Related: $112,000 Bitcoin was not the 'peak of the bull market': 5 things to know about Bitcoin this week
Political transformations and Bitcoin reserves: a new macroeconomic power?
Recent speculation by veteran trader Peter Brandt about a 75% Bitcoin collapse, mirroring its drop in 2022, faces skepticism from analysts like Pav Hundal, who claimed that Bitcoin is currently supported by institutional adoption, unlike in 2021. This supports Mills' view on reduced volatility.
The steps taken by the U.S. government towards establishing a strategic Bitcoin reserve indicate a potential shift in Bitcoin market dynamics. The proposed Bitcoin Reserve Act by Senator Cynthia Lummis, supported by President Trump's executive order issued in March 2025, contributes to the establishment of a reserve of 200,000 Bitcoin, confiscated from previous criminal cases.
Although this move does not immediately impact supply (as Bitcoin was already under custody), it indicates a shift in policy: the U.S. intends to hold Bitcoin assets, not sell them. The order also allows for budget-neutral methods to expand the reserve, including asset swaps or sovereign mining, indicating a long-term commitment without relying on taxpayer funds.
Veteran investor Chris Dunn believes such developments could reduce the impact of internal factors influencing Bitcoin prices, such as the halving cycle, shifting attention to external macroeconomic forces. If more countries adopt similar reserves, Bitcoin could evolve into a global strategic asset, alongside gold and U.S. Treasury bonds. This aligns with Brad Mills' theory of the 'Saylor Cycle' driven by institutional and national adoption.
However, the 100X forecast for Bitcoin relies on speculative variables such as regulatory clarity and sustainable demand from institutional investors.
