Crypto · BTC · Crypto
Bitcoin: what the voices are saying
The first and largest cryptocurrency, a decentralized digital currency running on a proof-of-work blockchain.
Where the voices stand
BullishLatest views: 2 bullish, 1 neutral, 1 bearish. Counted only where Bitcoin was the subject of the claim; 11 passing mentions not counted.
The read
Raoul Pal argued crypto is in a mid-cycle bear market that is a hiatus in a longer bull market, and that Bitcoin is one of few assets to outrun debasement.[1][2] Jordi Visser rejected the idea that quantum computing sends Bitcoin to zero, and ARK's Brett Winton on Scott Melker's show called Bitcoin an insurance asset, a digital gold.[3][4] Scott Melker's guests were mixed on timing: one panel said the bottom was in June and dips in the 70s are gifts, while Gracy Chen said Bitcoin could swing 30% either way within one or two months.[5][6] Several voices tied Bitcoin's future to AI agents and tokenization, with Salim Ismail on Diamandis's show expecting Bitcoin via Lightning to become the currency of choice for AI agents.[7][8] Scott Melker and Brett Tejpaul criticised the Bitcoin treasury company model, and Melker warned Wall Street adoption could leave tokens flat even as the technology spreads.[9]
Where they disagree
On Scott Melker's show, Mike said Bitcoin's best trade is over and he sees no reason to rescind his call that it would lose a zero, while Dave said it has held above 78,000 with improving fundamentals.[10]
Sources (10)
- Raoul Pal: The Everything Code: Debt, Demographics and Liquidity (Ch. 1) (Oct 26, 2026) · watch
- Raoul Pal: Raoul Pal: Four Frameworks, One Code (Oct 25, 2026) · watch
- Jordi Visser: AI Bubble Burst? Bitcoin to Zero? Hedge Funds Wrecked? Sounds Like a Bottom is Near (Oct 25, 2026) · watch
- Scott Melker: Bitcoin Is Insurance Against Financial Chaos - ARK's Chief Futurist (Oct 25, 2026) · watch
- Scott Melker: Bitcoin's Bear Market Is OVER - But Wall Street Is Split (Oct 27, 2026) · watch
- Scott Melker: Bitcoin Could Swing 30% Either Way In The Next Two Months | Gracy Chen (Oct 24, 2026) · watch
- Peter Diamandis: Anthropic’s $2T IPO, Elon Predicts Neocloud Death, and China’s Kimi Catches Up | #306 (Oct 28, 2026) · watch
- Scott Melker: Bitcoin's Biggest Advantage Is The One Wall Street Can't Buy | Saeed Badreg (Oct 23, 2026) · watch
- Scott Melker: Bitcoin's Biggest Buyers Have Gone Quiet (Oct 28, 2026) · watch
- Scott Melker: Bitcoin And Gold Are Both LOSING In 2026 - Why? (Oct 26, 2026) · watch
Each voice's latest take
| Voice | Stance | What they said | When |
|---|---|---|---|
| Peter Diamandis | Very bullish | Salim expects Bitcoin, now scalable through Lightning, to become the currency of choice for AI agents. | today |
| Scott Melker | Neutral | Spot Bitcoin ETF flows generally follow price rather than lead it. | today |
| Raoul Pal | Bearish | His 2024 call that the next 12 months would be wild for crypto failed because US liquidity was shut off and the dollar rallied. | 2 days ago |
| Jordi Visser | Very bullish | He expects Bitcoin-related ETF share creation to rise significantly if Bitcoin moves back above $100,000. | 3 days ago |
Calls about Bitcoin
- Salim expects Bitcoin, now scalable through Lightning, to become the currency of choice for AI agents.
“I expect Satoshi's to be the uh uh currency of choice for AI agents over time.”
- Mike says his call that Bitcoin would lose a zero has been right so far and he sees no reason to rescind it.
“It's going to lose zero.”
- He says Bitcoin would outperform U.S. stocks, gold, and real estate over the next decade, citing a forecast he attributes to JPMorgan.
“JP Morgan just said they think Bitcoin will be the best asset over the next decade.”
- He expects Bitcoin-related ETF share creation to rise significantly if Bitcoin moves back above $100,000.
“Once we get back above this level here, which in Bitcoin terms is basically going to be $100,000”
- Bitcoin is in a choppy 'monkey market' and could fall or rise 30% within one or two months.
“don't be too surprised if if Bitcoin went down another 30%, but also don't be too upset if if Bitcoin, you know, went up 30%.”
- Chamath says Bitcoin could eventually be hacked and fall to zero.
“eventually it gets hacked and then it goes to zero.”
- Bitcoin will probably outperform other asset categories over the next 10 years, and JPMorgan's 10% annual return figure is probably a bit low.
“will it outperform over the next 10 years in terms of asset categories? Yeah, probably. I think that 10% number's probably a smidge low.”
- Crypto-native lending will face trouble within 12 to 24 months as TradFi platforms offer Bitcoin ETF-backed loans at competitive rates.
“we're probably anywhere from 12 to about 24 months to kind of the crypto native lending space having a smidge of trouble.”
- Thorn doesn't expect the net flow line to turn positive for the year.
“I don't think that the black dotted line will turn positive for the year.”
- Year-to-date Bitcoin ETF net flows will finish the year in positive territory.
“I I think we'll finish in positive territory”
- Visser says Bitcoin is holding up during the selloff but is unlikely to rise until hedge-fund conditions stabilize.
“I don't think we're going to see a move higher in Bitcoin until we see some stabilization in the hedge fund scenario.”
- Visser says Bitcoin could meander back toward 75 before conditions improve.
“it would not surprise me if it kept meandering back down towards the 75 area”
- Everyone will need crypto exposure in their portfolios, and the next crypto rally will be broader than Bitcoin, covering protocols building new infrastructure.
“we truly believe that now everyone is going to need crypto exposure in their portfolios.”
- Bitcoin has probably bottomed, and a bull market is expected over the next couple of years.
“I think we're going to be getting into a Bitcoin bull market over the next couple of years.”
- If Bitcoin holds above the 59k bear-market low, a flood of capital could come in.
“I think we're going to start seeing a flood of capital come in.”
Every mention
- Salim expects Bitcoin, now scalable through Lightning, to become the currency of choice for AI agents.
“I expect Satoshi's to be the uh uh currency of choice for AI agents over time.”
- Digital asset treasury companies that sold a dollar of assets for $1.50 were poorly conceived and their stock prices plummeted.
“all the DATS went out and said, all of you have the mandate to sell a dollar for $1.50 or $1.25.”
- Bitcoin yield from carry collapsed from about 5% to 3% or even 1%, leaving treasury companies with no operating income.
“Bitcoin yield collapses from 5% to 3%, even 1% if you're not, you know, crazy risk on.”
- Combining cash-flowing real estate with a long-term Bitcoin allocation is a good value proposition.
“It feels like a good value proposition to me, right?”
- The Bitcoin treasury company model was a terrible idea where buyers were buying the top with no plan for the future.
“You're all just buying the top and nobody has a plan for the future.”
- Bitcoin is an uncorrelated asset, and its idiosyncratic behaviour is valuable for portfolio construction.
“that means your asset is uncorrelated.”
- Bitcoin miners are selling Bitcoin to fund AI data center buildouts because it is a better business for them right now.
“Bitcoin miners have been selling Bitcoin to build out AI data centers.”
- Spot Bitcoin ETF flows generally follow price rather than lead it.
“I think the ETF flows generally probably follow price.”
- Bitcoin's market bottom was in June.
“I am in the it bottomed in June camp and have”
- Every dip into the 70s for Bitcoin is a gift given where price will be 12 to 18 months from now.
“every every time we tick into the 70s, that's a gift.”
- Bitcoin will move violently in both directions, with big upside moves and equally big crashes.
“when it moves it's going to tear people's faces off and I think when it uh you know crashes it'll do the same”
- The Bitcoin ETF flow data showing zeros outside IBIT indicates a bottom in narratives and outside interest.
“we are definitely at a bottom for narratives and interest”
- Market makers like Citadel, Millennium and Jane Street running Bitcoin ETF and CME futures basis trades signal that crypto markets are deep and attractive.
“The fact that they even want to play in our markets, in our sandbox, tells you what they think about our markets.”
- Self-custody carries higher loss risk than major US institutions, contrary to earlier assumptions.
“you have a higher, you know, risk factor from a loss perspective than you do now with major institutions”
- A year-long run of Bitcoin to a million dollars would be undesirable because of unintended consequences; stability is preferable.
“Do you want to live in a world where Bitcoin goes to a million dollars in a year?”
- Only technology and crypto have consistently outrun the printer, with Bitcoin, the Nasdaq and the S&P clearing the debasement hurdle.
“Only two things have outrun the printer with any consistency, technology and crypto.”
- The current crypto mid-cycle bear market is a hiatus in a longer bull market.
“I think it's a hiatus in a longer bull market.”
- His 2024 call that the next 12 months would be wild for crypto failed because US liquidity was shut off and the dollar rallied.
“That call failed.”
- Bitcoin and gold are the two worst-performing major assets in 2026, down 7.3% and 7.5%, something not seen before in a calendar year.
“we've got uh Bitcoin down 7.3% and gold down 7.5% are the two worst performing major assets so far in 2026”
- Mike says Bitcoin is down for a second year in a row and its best trade is over.
“Bitcoin second year in a row down”
- Peter sees the risk of an economic slide not priced in, expects rate cuts and wider credit spreads, and prefers owning Bitcoin over gold in that scenario.
“I do think the risk of an economic slide is here and markets aren't pricing that in.”
- Dave says Bitcoin has held above 78,000 and its fundamentals like hash rate have turned up over six months.
“Bitcoin's hash rate has turned up like significantly”
- Mike says his call that Bitcoin would lose a zero has been right so far and he sees no reason to rescind it.
“It's going to lose zero.”
- Bitcoin is best thought of as an insurance asset, a digital gold that is more transportable and harder to seize.
“the maybe the most helpful and also kind of least consensus way to think about Bitcoin is an insurance asset”
- Bitcoin's market cap should at least roughly split the store-of-value market with gold.
“they should at least be roughly splitting that market”
- The rise of stablecoins has reduced the chance that Bitcoin becomes a medium of exchange and unit of account this business cycle.
“the rise of stable coins has reduced kind of like the possibility that it can become”
- Capital flowing to AI compute raises the cost of holding Bitcoin as an insurance contract.
“the cost of holding Bitcoin for this insurance contract has gone up”
- Agents will drive transaction volume and lower marginal transaction size, and will need digital assets to transact.
“agents are going to drive transaction volume and and lower the incremental kind of marginal transaction size”
- He rejects the claim that Bitcoin will go to zero because of quantum computing, saying existing quantum computers cannot break Bitcoin and the protocol could adopt quantum-resistant cryptography.
“Existing quantum computers cannot break Bitcoin.”
- He says Bitcoin would outperform U.S. stocks, gold, and real estate over the next decade, citing a forecast he attributes to JPMorgan.
“JP Morgan just said they think Bitcoin will be the best asset over the next decade.”
- He expects Bitcoin-related ETF share creation to rise significantly if Bitcoin moves back above $100,000.
“Once we get back above this level here, which in Bitcoin terms is basically going to be $100,000”
- Asset prices grow with debasement at roughly 8% a year, and only Bitcoin and the Nasdaq/S&P tech giants have consistently cleared that hurdle.
“Only two things have outrun the printer with any consistency, technology and crypto.”
- His October 2024 call that the next 12 months would be wild for crypto failed because US liquidity was shut off and the Iran war lifted rates and the dollar, but he views it as a hiatus in a longer bull market.
“I think it's a hiatus in a longer bull market.”
- Crypto is all priced on Metcalfe's law and is therefore all about adoption.
“all crypto is priced on Metcalfe's law and is thus all about adoption”
- Bitcoin is in a choppy 'monkey market' and could fall or rise 30% within one or two months.
“don't be too surprised if if Bitcoin went down another 30%, but also don't be too upset if if Bitcoin, you know, went up 30%.”
- Crypto trading volume remains about 30% lower across top exchanges since 10/10 and has not recovered.
“right after 10 10, we see a volume decrease of maybe 30% on average among all the top exchanges.”
- Peter said Bitcoin would perform exceptionally well in the future because its supporters have strong incentives to solve its consensus mechanism.
“Bitcoin is going to do unbelievably well uh in the future.”
- Alex said Bitcoin is an unproductive asset and that most crypto-branded activity is unproductive.
“I think Bitcoin as an asset class is an unproductive use of capital.”
- JP Morgan's 10% annual projection for Bitcoin, with outperformance of other assets but no allocation, is seen as a modest forecast.
“which I say is a prediction for ants”
- Tesla and SpaceX are likely to merge, forming a huge company and one of the largest Bitcoin treasury holders with over 30,000 Bitcoin.
“this is going to probably be the biggest company on planet Earth in the future”
Showing the 40 most recent of 85 mentions.
Frequently asked questions
Are investors bullish or bearish on Bitcoin?
On balance the voices Read on Risk follows are bullish on Bitcoin: of their latest views, 2 bullish, 1 neutral and 1 bearish (as of Oct 29, 2026).
What does Peter Diamandis think about Bitcoin?
Salim expects Bitcoin, now scalable through Lightning, to become the currency of choice for AI agents. (Very bullish, Oct 28, 2026.)
What does Scott Melker think about Bitcoin?
Spot Bitcoin ETF flows generally follow price rather than lead it. (Neutral, Oct 28, 2026.)
What does Raoul Pal think about Bitcoin?
His 2024 call that the next 12 months would be wild for crypto failed because US liquidity was shut off and the dollar rallied. (Bearish, Oct 26, 2026.)
What does Jordi Visser think about Bitcoin?
He expects Bitcoin-related ETF share creation to rise significantly if Bitcoin moves back above $100,000. (Very bullish, Oct 25, 2026.)
What is Bitcoin?
The first and largest cryptocurrency, a decentralized digital currency running on a proof-of-work blockchain.
Often discussed alongside
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