Could Bitcoin (BTC) still have room to grow 100-fold? According to early BTC investor Brad Mills, the answer is a resounding yes. He believes the market is now entering the early phase of what he calls the “SaylorCycle” — a decades-long growth trajectory fueled by Michael Saylor’s influence and the recent $592.1 million BTC purchase by MicroStrategy.
Mills argues that Bitcoin’s evolution from a “shadow asset” to a “must-have strategic reserve” is well underway, as corporations and even countries begin to stockpile it as treasury reserves. He points to El Salvador’s 6,209 BTC holdings and Saylor’s vision of a $200 trillion economy as signs of the digital currency’s explosive potential.
Mills bases his projection on Bitcoin’s fixed 21 million supply and the halving mechanism that cuts new supply by 50% every four years, driving scarcity. Demand, he says, is set to grow as fintech adoption increases. Square, a division of Block Inc., plans to integrate Lightning Network payments by 2026, slashing merchant fees and promoting BTC usage. Meanwhile, Chaumian eCash minting platforms like CashuBTC aim to scale retail savings with a privacy-first, tokenized sats approach — allowing everyday users to steadily accumulate BTC.
He forecasts a 100x price increase to $10 million per BTC within 10 to 20 years, citing lower bear-market drawdowns (around 50%) and more modest peak rallies (up to 200% annually) — a notable shift from the historical 80–90% corrections Bitcoin has endured.
However, not everyone agrees. Adam Back, CEO of Blockstream, counters with the idea of a “parabolic break,” arguing that Bitcoin may be transitioning out of its traditional cycle structure. Instead of following diminishing returns models like Stock-to-Flow or power law predictions, he believes BTC could enter an era of more stable growth driven by institutional adoption and reduced market volatility.
Recent speculation by veteran trader Peter Brandt of a potential 75% drop similar to 2022 was met with skepticism from analysts like Pav Hundal, who cited growing institutional support as a reason why today’s BTC environment is different from previous cycles — further supporting Mills’ case for lower volatility.
In a major policy shift, the U.S. government is exploring a national Bitcoin Reserve Fund. The Bitcoin Reserve Act, introduced by Senator Cynthia Lummis and supported by an executive order from former President Trump in March 2025, has initiated the creation of a 200,000 BTC reserve sourced from past criminal asset seizures.
Although this reserve doesn’t immediately affect circulating supply, it signals a long-term policy direction: the U.S. intends to hold — not sell — its Bitcoin assets. The executive order also allows for budget-neutral expansion methods like asset swaps or sovereign mining, reflecting a lasting commitment without relying on taxpayer dollars.
Veteran investor Chris Dunn argues that such macroeconomic shifts could reduce the importance of Bitcoin’s internal factors (like halving cycles), pointing instead to external drivers like sovereign reserves and global financial policy. If other countries follow suit, Bitcoin could cement itself as a global strategic asset, alongside gold and U.S. Treasuries — aligning perfectly with Mills’ long-term thesis.
Still, the forecast of a 100x BTC surge hinges on speculative variables like regulatory clarity and sustainable institutional demand — both of which remain evolving forces in Bitcoin’s next great chapter.
