$1.25M per Bitcoin for bull case $750k for base case This is Cathie Wood's projection for the next 5 years. 3 converging forces: 1. Gold substitution - Younger generations choose digital over physical. They're choosing Bitcoin. 2. Emerging market insurance - Where governments mismanage money, Bitcoin is the hedge. 3. Institutional adoption - The biggest one. Low correlation to other assets + CLARITY Act passing = floodgates open. Too bullish? Too soon? Who knows. But while money keeps getting printed, it's not impossible. The math is on Bitcoin's side.