Gary Cardone Calls $5M Bitcoin 'Stupid' but Critic Says That's a 'Logical Fallacy'

Gary Cardone on Monday called a $5 million Bitcoin price target “stupid and irresponsible”, which drew immediate pushback from analysts calling his logic flawed.What Cardone Said and WhyCardone posted on X that anyone predicting Bitcoin at $5 million is either stupid, irresponsible, or trying to sell something.His math is straightforward: a $5 million Bitcoin implies a total market cap of roughly $105 trillion, more than seven times gold’s current $15 trillion market cap.He called the prediction ridiculous and said people should stop listening to “stupid, misguided people.”Entrepreneur Jesse Tevelow pushed back directly on X, telling Cardone that calling $5 million impossible is itself a logical fallacy.His argument rests on two points. First, the dollar supply has no cap and keeps growing through printing, meaning every Bitcoin becomes worth more dollars over time even without any increase in Bitcoin adoption.Second, gold’s supply is not fixed either, growing continuously as mining technology improves, while Bitcoin’s 21 million coin cap is absolute and unchangeable.Tevelow argued that Cardone is making a false assumption that Bitcoin’s dollar value must have a ceiling, when in reality the dollar’s value has no floor.He put the probability of Bitcoin reaching $5 million at above 99%, calling it a near certainty barring a black swan or extinction event.“I can’t tell you when Bitcoin will hit $5M a coin, but I can confidently say without a black swan or extinction event, it’s much closer to a 100% certainty than an impossibility,” Tevelow wrote.What Started the Debate?The exchange began after analyst Fred Krueger said Bitcoin would become widely used for payments after reaching $5 million per coin.Krueger argued that people waiting for widespread payment adoption before buying Bitcoin would miss most of its price increase. Cardone replied that the $5 million target was a "pipe dream."Cardone based his objection on Bitcoin’s implied market value compared with gold today. However, Krueger and Tevelow based their outlook on Bitcoin’s fixed supply against a dollar supply that can continue growing.Image: Shutterstock