Avichal Garg, co-founder of Electric Capital, dropped a $5-10 million per Bitcoin forecast while the asset trades at $68,000, down 22% year-to-date. His reasoning? Bitcoin isn’t just competing with gold’s $26-29 trillion market—it’s expanding the entire store-of-value category by making it accessible to billions via mobile apps.
The Gold Market Disruption Thesis
Bitcoin could capture a 5-10x larger addressable market than gold through superior digital accessibility.
The math becomes less insane when you consider Bitcoin’s advantages over gold. Your smartphone can hold, transfer, and verify Bitcoin instantly. Try sending gold bars to relatives overseas, or dividing them into precise amounts for payments. Bitcoin offers perfect divisibility down to satoshis, superior fungibility, and immunity to government seizure—ask anyone who’s tried fleeing a country with gold jewelry.
Garg’s thesis centers on Bitcoin capturing not just gold’s current market share, but expanding the addressable market 5-10 times through digital accessibility. When billions can access a store of value through their phones rather than requiring physical vaults and institutional intermediaries, the total market expands dramatically.
The Digitization Playbook
Garg’s framework mirrors how software companies expand far beyond their physical predecessors.
Garg draws parallels to Uber’s trajectory, which grew from disrupting a $10 billion taxi market to creating a $100+ billion mobility ecosystem. When you digitize and globally scale something previously constrained by geography and friction, the total addressable market explodes. Gold storage requires vaults, insurance, and trust in institutions. Bitcoin requires internet access.
Electric Capital isn’t some fly-by-night operation making moon-boy predictions. The firm backed early winners like Solana, Kraken, and Figma, with Garg highlighting frameworks that identified 25+ unicorns. Their February 2026 podcast appearance came during crypto winter, when serious money talks strategy rather than hype.
Portfolio Implications
The prediction reflects broader crypto infrastructure maturation beyond just Bitcoin speculation.
Garg’s bullishness extends beyond Bitcoin to Ethereum as a yield-earning diversifier and Solana as computational infrastructure comparable to AWS for financial applications. This isn’t just about one asset hitting astronomical prices—it’s about crypto capturing market share from traditional stores of value during an era of currency debasement and capital flight.
The timing matters. Making $10 million predictions during bear markets signals conviction rather than momentum chasing. Whether Bitcoin reaches those heights depends on adoption curves, regulatory clarity, and macro conditions. But Garg’s framework explains why crypto VCs keep betting big: they’re not just buying digital gold, they’re investing in the infrastructure that makes value storage accessible to anyone with a phone.
