Blockstream’s Adam Back, whose resemblance to a Victorian railway baron is entirely coincidental, has emerged from his drawing room with a proclamation most thunderous: Bitcoin’s (BTC) market cap is apparently destined for a sum so astronomical it makes the British Empire’s colonial ambitions look like a child’s tea party.
From the soapbox of X (formerly Twitter, now approximately as stable as a tipsy debutante), Back claims that the financial wizards over at Strategy—and sundry other figures likely clutching monogrammed ledgers—are orchestrating a feat best described as “an arbitrage of the dislocation between the Bitcoin future and today’s fiat world.” One pictures a boardroom filled with bespectacled financiers, all nodding gravely while surreptitiously Googling “arbitrage.”
“A sustainable and scalable $100–$200 trillion trade front-running hyperbitcoinization. Scalable enough for most big listed companies to move to BTC treasury,” he declares, presumably over port and cigars. Front-running hyperbitcoinization, in this context, sounds less like a financial strategy and more like a symptom your doctor would be deeply concerned about.
According to Back, Bitcoin is less a coin than a time machine, ferrying its acolytes to a magical land where logic and sustainability wear matching frock coats.
“But not forever, the driver is Bitcoin price going up over four-year periods faster than interest and inflation. Post-hyperbitcoinization, mNAV probably trends to 1.” A statement so cryptic it wouldn’t be out of place during a séance with mystics and minor European royalty.
For those not fluent in finance’s most arcane dialect: “mNAV” is the multiple of net asset value—a fancy way of saying how much a company’s shares (in this case, plump with Bitcoin) flirt with, or run away from, their intrinsic value.
Back insists BTC treasuries are nothing less than the start of civilization’s majestic transformation, in which every sausage roll, stately home, or pair of slightly used cufflinks shall be priced in satoshis. Companies, he claims, will soon regard BTC with the same reverence generally reserved for parking spaces in Mayfair.
At the moment, Bitcoin’s value bobs around $93,773, apparently undeterred by the world’s collective anxiety attacks, marking an 8% rise over the past week. As always, the only certainty in life is that the next prediction will be even more outrageous than the last. 📈
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2025-04-29 23:03