Former chairman and co-founder of CoinRoutes and now president of BetterTrade.digital Dave Weisberger used a November 11 video to reiterate Bitcoin’s long-term bull case, arguing that the market’s “gloomy” sentiment and tech-driven calls for downside miss the structural shift underway on both the market’s fundamentals and microstructure.
He framed his analysis in two parts – why Bitcoin is being bought and what the current market structure entails – and argued that the thesis towards seven-figure prices remains intact even without a clear near-term catalyst.
The road to $1 million per Bitcoin
In terms of fundamentals, he made a direct comparison with the monetary role and size of gold. Citing an above-ground market value of “about $28 trillion” and “about $7 trillion in known underground reserves,” Weisberger argued that about 80% of gold’s value is monetary, not industrial, using the platinum-gold price relationship as a benchmark.
“Gold today trades at about two and a half times platinum, which for most of my life has been about double the price of gold,” he said, adding that platinum is “30 times rarer and more prized by women in jewelry.” From that relative value lens, he estimated the “monetary value of gold fully diluted at around $28 trillion,” in contrast to the “fully diluted market cap of Bitcoin.” […] just over $2 trillion at current prices.”
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If Bitcoin equals or surpasses gold in terms of monetary characteristics, he argued, the gap implies a transformative advantage: “It could grow to be like gold. Only it’s better than gold in terms of monetary characteristics.” He highlighted Bitcoin’s natural digital finality, resistance to counterfeiting, divisibility, transparency and programmatic delivery schedule – benefits that also avoid the custody, analysis and transportation frictions of gold.
Even in a scenario where fiat “retains its value,” he suggested, network adoption alone could justify a multiple price repricing; in a regime of debasement, he said, the asymmetry is stronger: “As the Bitcoin network grows and gains acceptance, it will probably grow tenfold or more.” Via X, he added that “the fundamental case” is $1 million in today’s dollars.
Weisberger has revisited the “fastest horse” framework that became popular during the liquidity boom of the early COVID era. He referenced Paul Tudor Jones’ statement in May 2020, acknowledging that he had initially made a mistake, and reminded viewers that the price then “did nothing” for months, before incrementally accelerating from October through the subsequent euphoric leg higher. The lesson, he says, is that market tone will lag fundamentals until positioning is reset and liquidity leadership returns to Bitcoin. “History doesn’t always repeat itself, but sometimes it can rhyme,” he said.
In terms of market structure, Weisberger focused on the four-year halving cycle as a predictive model. Historically, he said, the cyclical behavior followed a pattern: a halving, a six-month period of doubt about miners’ encouragement, then a rally from relief to euphoria that later culminated in an altcoin rotation before a broad decline.
He argued that the dynamic is losing relevance because changes in supply are now “irrelevant relative to the amount of demand out there,” while network security trends tell a different story: “If you look at the hash rate graph of Bitcoin, it is increasing at a geometric rate.” The moving parts that actually drive prices, he says, are the interaction between historical supply and institutional demand. “It’s actually the OG sellers who sell over 100,000 [BTC] and the new buyers, whether they are in ETFs or in MicroStrategy, etc.”
In his view, these early holders are rationally diversifying life-changing profits rather than capitulating, implying a finite overhang: “Entrepreneurs generally don’t sell everything. […] they sell some at a level to get where they need to be and then […] sell at later prices.”
He underscored that spot ETF investors appear patient despite recent volatility. “Even after all the carnage of the past few weeks since October 10, less than 2% of Bitcoin ETFs have flown out,” he said, characterizing that cohort as long-horizon allocators who were “looking for 10x gains,” and not trading around single-digit declines.
He contrasted the debt reduction in October: “$20 billion was liquidated […] but only five billion of the liquidation took place in Bitcoin” – with the 2022 insolvency cascade: “This cycle has no Celsius […] does not have FTX. The impact of the liquidations will not lead to an insolvency that will lead to forced sales.”
Without a credit-driven taper, he argued, technical analogies to 2022 are misplaced: “If there are no forced sales, why do we expect sales of the magnitude that occurred in 2022? […]? They try to attribute something without taking into account the actual circumstances.”
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According to him, price leadership will return through “liquidity and slow growth” while hot money recovers from debt-related losses. He expects OG sales to “decelerate” as the partial profit-taking runs its course, paving the way for the next euphoric leg once a catalyst emerges.
Weisberger did not pretend to know what spark would ignite this – “I am no Nostradamus” – but listed plausible vectors consistent with previous cycles: “The catalyst could be the accumulation of sovereign states. The catalyst could be Bitcoin used as collateral. […] It doesn’t really matter what the catalyst is.”
The main risk for potential sellers, he suggested, is a timeout from the market during the reversal: “Unless you are very nimble and very fast, have no tax implications, and are not out of the market or on vacation in the two or three days when the euphoria first sets in, then I would be very reluctant to sell here.”
My two-part Bitcoin analysis:
1) The Fundamental Argument for $1 Million Bitcoin in TODAY’s Dollar
2) Why the current gloom is unfounded and now is a good time to accumulate Bitcoin for the long term
The Bull Case for Bitcoin 11 11 https://t.co/0ACKrn3bgQ via @YouTube
— Dave W (@daveweisberger1) November 12, 2025
He closed with a warning that recognizes the market’s ability to frustrate both bulls and bears. “Maybe the euphoria will set in after it lasts a few more months and subsides, but at some point it will happen,” he said. He made his position known – “I haven’t sold any sats, and I don’t intend to” – and reiterated the discipline required in a choppy tape: “Stay safe out there. This market looks interesting and will probably stay that way for a while.”
At the time of writing, BTC was trading at $104,954.
Featured image created with DALL.E, chart from TradingView.com