The crypto bear market has sparked a flurry of bearish takes on what’s next for the market, but hedge fund boss and retail trader hero Eric Jackson sees the sell-off as an entry point.
Jackson, founder of EMJ Capital, is mostly known for his bets on struggling tech stocks. He ignited a rally in iBuying firm Opendoor Technologies after revealing a big position in June and has since pumped other stocks, cheered on by similarly bullish retail traders.
Jackson is also highly bullish on crypto, even as the market struggles through a bear market in the months since bitcoin touched its most recent all-time high.
Jackson said in a thread on X that he’s never been more bullish on bitcoin and ethereum. His bullish thesis centers on the high utility he sees for both tokens, particularly as the AI market continues to evolve.
“If Bitcoin is even partially adopted as the world’s reserve collateral and inter-sovereign settlement rail, its terminal value is not $200k… or $500k… or even $1M,” Jackson stated. “It’s tens of millions per coin.”
He added that ethereum has evolved beyond simply being a crypto network and is now the underlying digital infrastructure that supports major innovations in both tech and finance, as well as AI agents.
Jackson’s prediction is well beyond even the most bullish views, calling for bitcoin to reach $50,000,000 and ethereum to hit $1,500,000 by 2041. He said that for the first time in history, crypto is intersecting with AI and many fast-growing aspects of the global financial system, including corporate finance and global payment networks.
“This isn’t a bull market,” he added. “It’s a civilization-scale upgrade.”
His wild prediction for the price of the two top cryptos drew swift pushback. Jim Chanos, the legendary short-seller who bet against Enron ahead of its collapse and has recently been voicing doubts over the AI trade, chimed in to voice his skepticism.
“So you believe that Bitcoin will grow at almost a 50% CAGR and be worth over $1 quadrillion in 2041, or 5x global GDP at that time…?!” he posted in a reply to Jackson’s thread.
Chanos has recently been critical of crypto, particularly the market’s craze for Strategy, the bitcoin treasury firm founded by Michael Saylor.