Eric Jackson, CEO of EMJ Capital, has laid out one of the most aggressive long-term Bitcoin targets yet, arguing in an interview with reporter Phil Rosen that the cryptocurrency could reach $50 million per coin by 2041. His projection is linked to the statement that bitcoin will evolve from ‘digital gold’ to the core layer of the global financial system.
Jackson said his thinking comes from the same “hundred bag” framework he used when buying beaten-down stocks like Carvana. He remembers getting into Carvana after the stock price fell from about $400 to about $3.50 in 2022, at a time when sentiment was almost universally hostile. “You’d hear things like, that’s run by a bunch of criminals. This is what a bunch of idiots are. Like you’d have to be an idiot to take your business from $400 this year to $450 or $350,” he told Rosen.
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For Jackson, that period illustrated how markets behave in extreme circumstances. “It’s almost human nature that when you’re at the moment of maximum pain or pessimism, you can only see what’s right in front of you,” he said. Yet the underlying product remained strong: “It wasn’t a broken platform, it wasn’t a broken service […] they would tell you they loved it. It was so easy. It was the best customer experience they had.” From there, he could “envision how they would become a much more profitable company” once the company focused on profitability and addressed its debt.
Jackson’s long-term thesis for Bitcoin
He applies the same long-horizon lens to bitcoin, arguing that the daily ticker and polarized narratives obscure its structural potential. “We become so tied to turning on the TV and just seeing what the price of Bitcoin is today […] Some people are bearish and say, oh, it’s a Ponzi scheme. And some people are bullish and they’re just kind of throwing this up like pie in the sky, goals that you can’t really tie to reality,” Jackson said. “It’s kind of hard to stick to the question of, what’s the value of this thing?’
Jackson starts with the usual “digital gold” framing. He wonders how big the gold market is, how many central banks and governments own it and why. “Could Bitcoin one day be as big as gold? That seems like a safe assumption,” he argued, adding that because it is “digital” and “programmable” rather than a “piece of rock,” younger generations may prefer it as a store of value. But he emphasizes that this is only part of the story, as bitcoin has not become a medium for everyday transactions “since the guy who bought pizza with Bitcoin in 2011.”
The penny dropped, he said, when he started thinking in terms of what he calls the “global collateral layer” that underlies government and central bank lending. Historically, that base layer shifted from gold to the Eurodollar system starting in the 1960s, and today is strongly intertwined with government debt. “All countries in the world issue debt and then borrow some kind of loan against it, and they do their day-to-day government transactions,” he noted, but “there are problems with that.”
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In Jackson’s ‘Vision 2041’, bitcoin replaces the Eurodollar and functionally becomes the neutral asset on which other balance sheets are built. He argues that bitcoin is “far superior” as collateral because it is digital and “apolitical,” outside of central banks and the influence of “whoever the last Secretary of the Treasury is here in the US.”
As with the Eurodollar, he does not see this as a direct attack on the dollar or government bonds, but as a new underlying layer: “There is something underlying that many other countries and the financial systems are borrowing against to do things.”
Eric Jackson (@ericjackson) expects Bitcoin to reach $50 million by 2041.
He compares his thesis to how he knew Carvana, $CVNAwould be a 100-bag stock pick. pic.twitter.com/CA9BWoR4zF
— Phil Rosen (@philrosenn) December 7, 2025
Looking ahead fifteen years, Jackson envisions states currently issuing and rolling over debt instead “relying on Bitcoin” because “over time it makes a lot more sense.” Given the “enormous” size of the sovereign debt world, he argues that if bitcoin becomes the dominant collateral substrate, the price per coin should reach an order of magnitude above current levels – hence his target of $50 million by 2041.
At the time of writing, Bitcoin was trading at $91,574.
Featured image created with DALL.E, chart from TradingView.com