Atlas Capital CEO, partnered with “Dr. Doom” Roubini, expects near-term drawdown followed by long-term surge
Reza Bundy, CEO of investment advisory firm Atlas Capital and business partner of longtime bitcoin skeptic Nouriel Roubini, expects bitcoin to fall as much as 70% over the next six months before eventually climbing as high as $500,000 in the years ahead.
Bundy made the forecast on June 4, 2026, while speaking at the Proof of Talk conference in Paris. Bitcoin was trading near $63,000 at the time, down 28% year-to-date as the S&P 500 rose 10% and the Nasdaq climbed 19%.
“We think there’s going to be a massive drawdown in bitcoin in the next six months. It could be up to 70%. We think $26,000 to $30,000 was the number we came up with,” Bundy said. “If there’s a drawdown in the stock market that’s even half of what happened in 2008, Bitcoin will double that debt loss.”
Bundy’s near-term bearishness contrasts sharply with his long-term optimism. He assigns a 40% probability to a “Controlled Expansion” scenario in which bitcoin reaches $150,000 to $250,000. A 25% probability goes to “Fiscal Dominance,” targeting $250,000 to $500,000. “Global Conflict” and “Deflationary Recession” scenarios each carry 20% and 15% probabilities respectively, with bitcoin potentially ranging from $150,000 to $500,000 across all long-term outcomes.
Bundy argues bitcoin has failed as an inflation hedge and now moves in lockstep with tech stocks. His long-term bullishness rests on bitcoin’s original promise as an alternative currency countering global monetary chaos, a thesis that stands in tension with his partner Roubini’s public skepticism. Roubini, known as “Dr. Doom” for accurately predicting the 2008 subprime mortgage crisis, has called bitcoin a “pseudo-asset class” and pure “speculative asset” lacking fundamental value. Bitcoin has nonetheless risen 850% since Roubini first called it a bubble.
Atlas Capital manages the “USAF” ETF, an AI-driven allocation strategy across gold, food, real estate, and defense technology currently trading on Nasdaq with $18 million in net assets and 8.7% returns since inception. Bundy plans to exclude bitcoin from the fund until after the predicted market crash.
“We believe there will be a major stock market correction, and we don’t want to be part of the bitcoin drawdown. Once the correction happens, we will make our final decision to include or not,” Bundy said.
Later in June 2026, Bundy plans to tokenize the “techno-dollar” strategy on public blockchains, expanding Atlas’s reach beyond traditional ETF infrastructure. The move signals confidence in blockchain infrastructure even as Bundy positions the firm defensively on bitcoin price action in the near term.
