While Bitcoin’s quiet rally has attracted attention from Wall Street and others, voices from OG Bitcoiners like Hodl in America predict what we’ve witnessed so far is calm before an explosive storm.
Bitcoin Ministry of Finance’s Bubble Paper
A Bitcoin Treasury paper on the bubble states that within just a few years, a total of $11 trillion in businesses, institutions and perhaps sovereign capital could flood Bitcoin. Some predictions suggest that true nerds may not collide after 2026 and may send prices despite $1 million per coin.
Swan Bitcoin Exchange unleashed this paper and examined signals, mechanisms, and real-world examples that support the Bitcoin Treasury bubble case, comparable to the wildest day of the dotcom boom. Let’s check it out.
Historic buildups: From 2.4T assets to corporate standards
This month, Bitcoin hit a new all-time high of over $120,000, pushing its market capitalization to $2.4 trillion, dragging its only after Amazon, Apple, Microsoft, Nvidia and Gold.
However, this movement had little public awareness or happiness. Prices surpassed the stairs in a quiet way, led by intentional and modest corporate and institutional purchases rather than retail speculation. As Swan pointed out:
“This is the most euphoric bull market we’ve ever seen, and it’s bullish.”
Public companies from strategy to Metaplanet, GameStop and Trump Media have accumulated Bitcoin on their balance sheets and pioneered by hard-working asset management, look at companies that convert cash reserves to Bitcoin as inflation hedges and long-term holdings, rather than speculation.
Weakened the dollar and reduced safe shelters
JPMorgan CEO Jamie Dimon recently warned that if the US cannot curb its inflated debt, the US could lose its stance as a global reserve asset. He said:
“We don’t know if that will be a crisis in six months or six years. We hope that it will change both the debt trajectory and the ability of market makers to create a market. Unfortunately, it may be necessary to awaken us.”
As of 2025, US debt interest payments are projected to reach $952 billion, with the dollar losing its Bitcoin story as “digital gold” and strengthening its reserve assets.
BlackRock CEO Larry Fink reiterated Dimon’s concerns.
“If the US does not manage its debt, and if the deficit is bulging, the US risks losing its position in digital assets like Bitcoin.”
A simple money return
The bond market is priced for interest rate reductions, suggesting potential returns to “easy money” conditions in 2026. As Swann observed:
“Bitcoin ran from $42,000 to $123,000 during the toughest monetary policy in modern history.
What happens when liquidity returns? ”
Do you remember the lockdown era? When rates are cut when the Covid-19 pandemic spurred after the crypto market, when the rally spurred, Bitcoin parabolic profits? When another cycle of rates is potentially reduced on the horizon, the setup appears creepy.
Bitcoin Ministry of Finance Bubble Mechanic
According to Swan, the major buyers are still primarily on the sidelines, with mergers and legal structures fixed. Names like Nakamoto, Twenty One Capital, and Strive Asset Management have yet to fully deploy capital, but are preparing billions of dollars of orders.
The coin is absorbed by the corporate treasury ministry through the “drip view” of the algorithm, so the available supply drys without spikes at dramatic prices.
If the boardroom and the sovereign hit a “bid” at the same time, a purchase by one entity could trigger more entities to chase Bitcoin, reflecting the scramble of the late 90s into the “Internet Story,” and the price action could turn into “reflection.”
Just as all Dot-Com needed an “Internet Story” to survive in 1999, all major companies may soon feel pressured to have a “Bitcoin strategy.” This “contagion of the story” can push prices to unimaginable heights (a lot beyond what the basics alone would suggest).
Where can this lead? Over $1 million Bitcoin
Hoddle in America is particularly looking at a realistic path.
“I think the Treasury bubble can increase the dot-com level. We could see Bitcoin running for three to four years, well over $1 million.”
This is not isolated. Bitmex’s Arthur Hayes and long-term Bitcoin advocate Mark Moss also predicted $1,000,000 BTC by 2030.
So is it plausible to see the opening moves of the bubble that could rival the dot-com era? The piece is in place. Guys may still be a year or two away, but as history rhymes, the top of the blow-off can bring Bitcoin to a level that is barely believed just a few years ago.