JPMorgan now ranks Bitcoin the top long-duration asset, eyes $212,000 by 2036

JPMorgan's reversal on Bitcoin

The host highlights what he calls a stunning shift from JPMorgan, a firm that previously described Bitcoin as a tool for "drug dealers and money launderers" across the years he lists as 2015, 2017, 2019, 2020, 2021 and 2022. Now, according to the host, the bank says Bitcoin is the number one long-term duration asset for 2027, defining long-term as a decade-plus hold. JPMorgan reportedly expects a compound annual growth rate of around 10% over the next ten years despite acknowledging high volatility.

The host runs the math himself from the current price of roughly $82,000 to $83,000, arriving at approximately $212,000 by 2036 under that 10% CAGR assumption. He is skeptical this pace is exciting on its own:

"Is it going to get you out of bed? No. Is it going to save you from 14% basement debasement? No."

Still, he frames the reversal positively, saying correcting past errors is "a sign of intelligence."

Banks worldwide embrace Bitcoin custody and trading

The host runs through a cluster of banking news from the prior 24 hours. The Sparkasse network, which he says serves around 50 million Germans across 350 banks, has begun offering Bitcoin and crypto trading, including XRP, Solana and Ethereum, plus custody services. Deutsche Bank, described as Germany's largest bank, is also reportedly moving into Bitcoin custody, joining Charles Schwab's recent entry and Fidelity, which the host says already offers custody.

Separately, Switzerland's financial regulator FINMA has approved the country's first spot Bitcoin ETF open to retail investors, expanding on an existing product previously limited to institutional and high-net-worth clients. The host also notes BlackRock launched a new ETF, which he refers to by a ticker he calls "PEIT," offering some downside protection in exchange for capped upside, though he says he personally prefers buying bottoms with leverage rather than sacrificing upside.

On-chain signals, ETF flows and a theory on long-term holders

The host flags that long-term Bitcoin holders — those holding over 155 days — have cut their holdings by about 350,000 BTC since July, roughly 100,000 BTC per month. Rather than reading this as selling, he offers his own theory: holders spooked by fears around Cold Card wallet security and AI threats to cold storage may be moving coins into custody vehicles like Fidelity, Schwab or BlackRock ETFs rather than liquidating. He stresses this is speculative: "I could be wrong. I don't know exactly what these 350,000 Bitcoin where they came from, where they went."

On ETF flows, Bitcoin ETFs had their best day in a month, driven by roughly two-thirds of a billion dollars into IBIT, offsetting selling from Grayscale and Fidelity. The host suggests this inflow could be connected to the JPMorgan commentary, though he calls this a guess. Ethereum ETFs, by contrast, are down sharply, which he says is unusual since ETH flows typically track Bitcoin's. Solana ETFs saw ten negative days offset by one record single-day inflow, with little capital currently entering altcoin ETFs broadly.

Compute wars: SpaceX earnings, Anthropic financing and a looming shortfall

SpaceX reported quarterly revenue of $14.6 billion, adjusted EBITDA up 306% year-over-year, net income of $4.4 billion, and 1.7 gigawatts of compute running, with earnings per share of 35. The host calls the results "bonkers" and notes the stock moved roughly $35 higher after the report. He says SpaceX previously lost money and now joins Google, Amazon, Meta, Microsoft and Oracle as a top-six AI spender, with the group expected to spend at least $1.3 trillion next year combined.

On compute financing, the host describes Anthropic offering Blackstone a yield above 10% to fund the purchase of 1.5 gigawatts of Google's custom TPUs rather than buying directly, which he frames as a form of circular financing. He questions whether Anthropic can ultimately carry that cost. Citing JPMorgan again, he says the bank projects a compute shortfall of 280 to 300 gigawatts by 2031, which he argues means

"anybody who has it can sell it for extremely high margin because everybody will want it."

He also notes Tesla's Optimus V3 humanoid robot is reportedly entering mass production, a detail he says appeared on the cover of Tesla's annual report, and argues ARK's 2031 Tesla valuation model excludes Optimus value entirely, centering instead on robotaxi with a base-case price target of $4,400 and an implied 62% CAGR.