Bitcoin is entering a multi-year bull phase, with institutional demand surging and supply tightening, according to David Bailey, CEO of BTC Inc. and an advisor to President Trump on bitcoin policy. In a series of posts on X on Aug. 23, 2025, Bailey stated that the current cycle marks a turning point: “There’s not going to be another bitcoin bear market for several years. Every sovereign, bank, insurer, corporate, pension, and more will own bitcoin.”
‘Eternal September’ of Institutional Adoption
Bailey emphasized that less than 1% of institutions currently hold bitcoin, and among those that do, allocations remain under 1%. He described the trend as “the Eternal September of institutional bitcoin adoption,” comparing it to the internet boom when millions of new users first joined. “We haven’t even captured 0.01% of the TAM,” he wrote. “We’re going so much higher. Dream big.” He also pointed out that the available liquidity to absorb potential institutional inflows is less than $1 trillion, while 99.99% of demand lies ahead, citing the massive scale of sovereign wealth funds, pension funds, and corporate treasuries yet to enter the market.
Supply Constraints and Institutional Moves
Bailey’s own firm, Nakamoto Holdings, recently purchased 5,764.91 BTC for its corporate treasury, demonstrating the conviction among early institutional adopters. Coinbase CEO Brian Armstrong added his voice to the bullish outlook, predicting bitcoin could reach $1 million by 2030. Armstrong attributed the forecast to increasing institutional allocations (currently around 1% of portfolio weight), growing regulatory clarity, momentum from crypto ETFs, and government adoption—notably the U.S. holding bitcoin reserves. He suggested that even a modest increase in allocation by large institutions could have an outsized impact on price given bitcoin’s limited supply of 21 million coins and the fact that a significant portion of circulating coins are held by long-term investors.
Bullish Thesis vs. Risks
Proponents argue that the combination of structural supply constraints and rising institutional exposure provides a foundation for sustained upside. Critics, however, caution that bitcoin remains highly volatile, regulatory pressures could intensify, and macroeconomic uncertainties such as inflation or geopolitical shocks may derail the rally. Bailey counters that these risks are overshadowed by the transformative wave of adoption. “The process has already begun in earnest,” he said, “yet we haven’t even captured 0.01% of the addressable market.” If even a small fraction of sovereign funds and pension funds allocate 1% or more to bitcoin, the resulting demand could overwhelm available supply, pushing valuations far higher.
Conclusion
David Bailey’s bold prediction—that the ongoing bull run will stretch for years—reflects a growing conviction among industry leaders that bitcoin’s transition from niche asset to mainstream treasury instrument is accelerating. With supportive policy signals from the Trump administration and the financial infrastructure provided by spot ETFs, the “Eternal September” of institutional bitcoin adoption may just be beginning. Whether the market will validate such optimism depends on continued macro stability and regulatory clarity, but the sentiment among key insiders is unmistakably bullish.