Bitcoin Magazine has published a new interview with Willem Middelkoop, founder of the Commodity Discovery Fund and author of The Big Reset, in which he argues that Bitcoin is the "fastest horse" in the debasement trade and lays out why he targets $1 million per Bitcoin by 2030.

The "debasement trade" — a term used across financial markets for rotating into assets perceived to preserve value, such as gold, commodities and Bitcoin, as government-issued currencies lose purchasing power — frames the entire conversation. Middelkoop's case is that Bitcoin is the fastest-moving leg of that trade, extending an argument he has made since The Big Reset: that the dollar system may be in its last inning.

Central banks around the world are buying gold at a record pace, yet they refuse to touch Bitcoin. Middelkoop's explanation: central banks want assets they can control, and Bitcoin's price, supply, and market sit beyond their reach. That split — record official demand for gold alongside central bank reluctance on Bitcoin — is the backdrop against which he reads the broader monetary realignment.

He also discusses why institutional investors — including his own fund — have embraced Bitcoin through exchange-traded funds (ETFs). Since U.S. regulators approved spot Bitcoin ETFs in January 2024, these vehicles have given traditional portfolios a regulated way to gain exposure to Bitcoin's price, making fund allocations a visible marker of institutional adoption.

The conversation spans a wide range of themes, organized into the following chapters:

• 0:00 – Willem Middelkoop on oil prices, Iran and the Gulf
• 1:19 – The debasement trade: Bitcoin, gold and the commodity bull market
• 2:20 – The Big Reset: Is the dollar system in its last inning?
• 3:58 – BRICS, de-dollarization and falling demand for U.S. Treasuries
• 5:15 – Central bank gold buying and China's accumulation
• 6:14 – The 25% portfolio model: real estate, gold, equities and Bitcoin
• 7:49 – Why central banks won't hold Bitcoin they can't control
• 9:29 – Bitcoin vs. gold: Is Bitcoin's correction over?
• 11:57 – Bitcoin Amsterdam and "Mad Max" Bitcoin scenario
• 13:30 – Why Willem Middelkoop targets $1 million Bitcoin by 2030

For readers following the argument, the timestamps track his reasoning step by step — from commodity markets and the debasement trade, through BRICS-driven de-dollarization and China's gold accumulation, to his 25% portfolio model and, finally, the case behind his $1 million target. The data points underpinning that thesis — the pace of central bank gold buying and foreign demand for U.S. Treasuries — are the ones to watch as the debate over the dollar's role plays out.

Disclaimer: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

This article, written by Patrick Green, first appeared on Bitcoin Magazine.