Bitwise, Galaxy and the Long-Term Bitcoin Outlook
October 30, 2026
This Onramp Media episode of The Last Trade reviews Bitwise's long-term forecast of $1.6 million for bitcoin by 2036 alongside JPMorgan's 10% annual assumption. It also covers Galaxy Research's bear-market view, new ETF filings and custody news. These are the views of the firms and people named, not Onramp's.
The Last Trade hosts walk through Bitwise's new long-term capital market assumptions, which project bitcoin at $1.6 million by 2036, about 34% a year, against JPMorgan's 10% a year. They cover Galaxy Research's view that the bear market ended in June, Jason Calacanis's contrary view, Franklin Templeton's dividend-reinvestment ETF filings and VanEck's Wealth Builder fund. The single point of failure segment looks at Datavault AI's statement that it cannot withdraw its bitcoin from the Biconomy exchange. The hosts also discuss Keystone's reported breach, Google's MPC custody plans, ICE's 24/7 perpetual futures on Hyperliquid, the Fed's hold, Alphabet's capex and Anthropic's IPO filing. Forecasts are those of the firms and people named, not Onramp's.
Chapters
00:00 - Welcome and the Onramp roadshow 03:24 - Brian's Custody Report 06:23 - JPMorgan's 10% Bitcoin call, revisited 09:51 - Bitwise's 34% Annual Forecast 10:40 - Jason Calacanis on Bitcoin's Outlook 17:54 - Bitwise's $1.6 Million 2036 Projection 19:21 - Franklin Templeton and VanEck put Bitcoin in the portfolio 22:59 - Galaxy Research's View on the Bear Market 25:57 - Bitcoin Near $80,000 28:24 - Single Point of Failure Segment: Datavault AI's Exchange Statement 31:39 - Keystone's Reported Breach and Physical Security 37:42 - Google's MPC Custody Plans and Bitcoin Multisig 45:34 - ICE, Hyperliquid and 24/7 perpetual futures 48:35 - The Fed Holds Rates 54:33 - Alphabet's capex and Anthropic's IPO 57:57 - The Hosts' Contrarian Case on Gold and Bitcoin
Frequently Asked Questions
What does Bitwise project for bitcoin by 2036?
The hosts cover Bitwise's long-term capital market assumptions, which put bitcoin at $1.6 million by 2036, about 34% a year, at 09:51 and 17:54. They compare it with JPMorgan's 10% a year assumption at 06:23. This is the firms' forecast, not Onramp's.
What is Galaxy Research's view on the bear market?
At 22:59 the hosts discuss Galaxy Research's argument that the bear market ended in June and that bitcoin has entered an accumulation phase. At 10:40 they also cover Jason Calacanis's opposing view. These are the named parties' views, not investment advice from Onramp.
Which new bitcoin investment products does the episode cover?
At 19:21 the hosts cover Franklin Templeton's filings for ETFs that reinvest stock dividends into bitcoin and VanEck's Wealth Builder fund, which includes a bitcoin sleeve. They are described as reported products from third-party firms.
What custody and security topics come up?
The hosts discuss Datavault AI's statement about an exchange withdrawal (28:24), Keystone's reported breach and physical security (31:39), and Google's MPC custody plans compared with bitcoin multisig (37:42). Each is discussed as reported news.
This episode is editorial and educational content. Onramp does not provide tax, legal, or investment advice. Bitcoin is volatile and may lose value. Past performance does not guarantee future results.