Mark Yusko discusses the future of Bitcoin, projecting a peak price of $150,000, aligning with the S-curve adoption model where the asset is currently at approximately 13-14% adoption, expected to reach 80% within the next eight years. He critiques the notion of BlackRock's potential Bitcoin ETF as a 'scam' due to the risk of government confiscation, noting that such actions would seize assets from institutional investors, pension funds, and individual holders. Yusko highlights the inherent scarcity of Bitcoin, referencing the approximately 1 million coins held by Satoshi Nakamoto that are unlikely to move, and an additional 3 million lost or stolen coins, leaving a circulating supply of around 17 million. He discusses Michael Saylor's MicroStrategy strategy, emphasizing that Saylor leverages Bitcoin prudently, using asset-backed debt to acquire more Bitcoin. Yusko argues that Saylor strategically captures additional value with each transaction, as his debt is secured by appreciating Bitcoin holdings, not by unsecured debt. While acknowledging that leverage carries risk, he distinguishes Saylor's approach as a very prudent and appropriate use of leverage, far from speculative levels seen in some highly leveraged trades. Yusko concludes that Bitcoin's adoption will continue to accelerate, driven by fundamental value and increasing institutional interest, leading to the projected price target, despite potential short-term corrections.