HX Weekly: August 17 - August 21, 2026

Hello reader, welcome to the latest issue of HX Weekly!

Several years ago, here at HX, we made a call that Bitcoin would hit $100,000.

Back then (May 2024) it was trading at around $60,000.

Our call was a good one as it traded above $100,000 just six months later after the election victory of Donald Trump.

At that point, we revised our prediction higher – to $1,000,000!

That call looked pretty good for about a year as Bitcoin went as high as $125,000 a year later.

After that? The call didn’t look so hot!

Bitcoin (and cryptocurrency) has been in its own mini- “winter” and prices have struggled.

In fact, until earlier this week, Bitcoin had been trading right back where it started when we first wrote about more than two years ago. $60,000.

Well, that all began to change this week.

After settling down around that $60,000 level for a few months, Bitcoin has finally broken back out.

Here is the chart…

Why is it going higher this week?

The “catalyst” talked about in the market is the announcement by US Treasury Secretary Scott Bessent that they will be buying back long-dated debt.

The actual financial impact of this operation is not large, but the signaling is important.

It tells us that the US government will continue to do whatever they can to try to keep interest rates low.

This includes printing more money to buyback debt.

Some question if this is the right choice. That is the wrong question in my view.

I would ask if this is the ONLY choice!

Either way, the outcome is the same.

More dollars are printed and our currency continues to get debased.

Do you know what Bessent will NOT be printing more of?

BITCOIN.

Here is the chart of the growth in US money supply measure M2 over the course of my career…

As long as this continues to grow, the future for Bitcoin (and gold) looks bright.

I will go so far as to say that there is no better bet in the financial world right now than the fact that our government will continue to print more dollars!

That makes Bitcoin a pretty good bet as well…

While we have not talked much about Bitcoin in recent times, our views have never changed.

It might take 2 years, or it might take 20 years, but we still think…

BITCOIN to $1,000,000!

Enjoy the notes and have a great start to your week.

HX Daily Redux –

The Case for Bitcoin $1,000,000 (Parts I-V)

Part One

It is useful sometimes to take a step back and think of all the incredible technological advancements that have happened in our lifetimes. 

I was born five decades ago, and 90%+ of the technology I interact with daily didn't exist just a few decades ago. Not to mention, my engagement with that technology is a hundred times what it was for my parents.

I'm not sure if that is a good or bad thing, but it certainly is where we are today.

As much as it feels very "normal" now, one of the biggest technological developments in the last few decades has been "blockchain technology"—specifically, the "cryptocurrency" Bitcoin.

This is a moment where we want you to take a step back… 

While Bitcoin seems the most ordinary thing today, imagine if I told you two decades ago that an anonymous Japanese software developer (Satoshi Nakamoto) was creating a massive mathematical algorithm for a new digital (and safe) currency.

It sounds like something from the "Matrix" movies. 

Yet here we are in 2024 with this sci-fi idea having almost a $1.3 trillion market capitalization and trading over $18 billion a day. This crazy idea is one of "The Magnificent Seven"!

It is easy for many older people to dismiss Bitcoin as a digital "fool's gold." 

It is some made-up software algorithm with no inherent value, cash flows, or history.

We don't disagree!

That being said – what is “gold gold"? It is a rare metal with minimal industrial uses that millions of people have decided to ascribe a value to for thousands of years.

This gets to our point about Bitcoin.