The Last Time They Called Bitcoin Dead, It Went Up 22x | Truth Block
10/30/2026 · 17 min · transcript via mlx
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Key topics
— Jason Calacanis told millions to sell Bitcoin for AI, claiming Bitcoin is a "dead network" that will never reach a new all-time high; this echoes his 2018 call for Bitcoin to go to zero at $3,700 (it has since risen 22x).
— Bitcoin ETF investors deposited $424 million over three days despite bearish predictions, and Bitwise raised its 10-year price target to $1.6 million, citing potential institutional adoption.
— AI-breaking-Bitcoin encryption fears went viral after OpenAI's Monday announcement, but leading cryptographers say the risk is theoretical and much narrower than headlines suggest.
— Google released quantum-resistant custody technology for banks to hold digital assets with split keys, while simultaneously suffering a 13% stock decline due to AI costs and search misses.
— Jamie Dimon acknowledged that if he were on the wrong side of American power, he would not want to conduct business in dollars—echoing the core argument for Bitcoin's existence as neutral money.
— The macro backdrop shows fiscal dominance (entitlements and interest exceeding tax receipts), AI-driven job cuts, and mounting pressure on central banks to print money, all of which strengthen the case for scarce assets like Bitcoin.
Market & price signals
— Bitcoin traded between $79,000 and $81,000 during the week. The Fed held rates with two officials voting to hike, and the PCE inflation gauge came in at 3.6%. Bitwise raised its 10-year Bitcoin target to $1.6 million, with roughly 82% of that target attributed to Bitcoin's store-of-value function. ETF investors added $424 million in three consecutive days. Alphabet stock fell approximately 13% (roughly $500 billion in market cap) after disappointing earnings and negative cash flow from AI spending. If major institutions allocate just 1% of their capital to Bitcoin against ~$14 billion of new annual supply, Bitwise projects nearly $1.5 trillion in demand.
Actionable insights
— Selling Bitcoin to chase AI equities locks in opportunity cost; instead, consider using Bitcoin-backed lending (such as Ledn) to access dollars without surrendering long-term holdings during an era of fiscal dominance and currency debasement.
— Verify your custody setup with professional guidance from firms like the Bitcoin Way to ensure inheritance, multi-sig protection, and readiness for any future protocol upgrades Bitcoin might require, especially given the focus on quantum-resistant approaches already being deployed by major institutions.
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