Teeka Tiwari: I still believe bitcoin will continue to be the most valuable financial service in the world.
If you’ve been with me since 2016, you know I’ve been fighting a long battle to educate everyone about the value of bitcoin.
Over that time, I’ve had my reputation impugned… been maligned and ridiculed… and even received hate mail for my conviction in bitcoin.
If you’re anything like me, you’ve probably been laughed at by your family or friends just for talking about the idea of bitcoin.
I know it’s been a tough time. From the heights of the 2017 crypto bull market to the depths of the 2018 crypto winter… I asked you to keep the faith and let time do the heavy lifting.
And those of you who stuck with me, I want you to congratulate yourselves… Because we’re starting to reap the rewards of that faith.
Not only was bitcoin the best-performing asset class of 2020… it also obliterated its old highs. We saw bitcoin rise 308% in 2021 – and just recently was as high as $34,600.
Here’s why I feel vindicated: Bitcoin is now the most valuable financial service in the world by market cap. This is something I’ve been predicting for years.
Today, bitcoin’s value is nearly $600 billion. That’s more than the market caps of Visa ($460 billion)… JPMorgan Chase ($380 billion)… MasterCard ($335 billion)… PayPal ($280 billion)… and Bank of America ($259 billion).
Friends, I want you to understand how far we’ve come since 2016. It’s just a sea change of sentiment.
Five years ago, people called bitcoin a “fraud,” a “scam,” or a “Ponzi scheme.” But I said if you could have faith in a future that’s different than the one the mainstream media is portraying… you’d see a day when institutional money would flood into bitcoin.
That’s because my research suggested bitcoin would become a bedrock reserve asset for institutional investors. And if you could just hold onto that vision and be patient… you’d see it come to pass. That’s exactly where we are right now.
So the question now is, where does bitcoin go from here?
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Right now, we have a brand-new area of demand for bitcoin as a corporate treasury asset. It’s incredible. Corporations are sitting on trillions of dollars of capital. So even a small weighting to bitcoin can have a profound effect on the price.
For instance, ARK Invest Management put out a recent report on crypto. According to the report, non-traditional assets like real estate and emerging markets make up 5–6% of institutional investors’ portfolios.
So if pension funds and banks allocated a similar weighting to bitcoin, the report suggests bitcoin’s price could go to a half-million dollars.
Now, will that happen overnight? No. Will that happen in a straight line? No, absolutely not.
But we’re already seeing big institutions buy bitcoin. Just last month, 169-year-old insurance giant MassMutual bought $100 million of bitcoin. So the shift is underway.
As I’ve told you all along, what’s more important than anything else is understanding an asset’s trajectory. So I invest my intellectual capital in determining what the trajectory of an asset is… not the exact timing.
I’ve made a lot of money, not by knowing the specific date when something will happen, but by placing my faith in my research that shows me that the reality will occur over time. And not over 100 years, 50 years, or even 20 years. But within a reasonable frame of time, we can all survive long enough to enjoy… just like we’re enjoying right now.
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What about Altcoins
Now, I know I keep talking about bitcoin, bitcoin, bitcoin. And some of you have asked me, “Should we just sell our altcoins and buy bitcoin?” Absolutely not.
I want you to remember this: As new interest comes into crypto, the first enormous slugs of money go into bitcoin. Then it starts to filter through the ecosystem.
We’re already seeing this with Ethereum (ETH). Since bitcoin started its rally last year, ETH is up 970%.
Generally speaking, altcoins will outperform bitcoin over time. And so, you absolutely want to maintain your altcoin ownership. Because whatever is good for bitcoin is fantastic for altcoins.
You’ve got to think of bitcoin as the gateway − it’s the reserve currency of the space. In that regard, it has similarities with the U.S. dollar. It’s the currency every other crypto asset is measured against.
As money comes in, it’s all going to go into bitcoin first, and then pieces will start flowing through the rest of the ecosystem into other coins.
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Where Bitcoin Is Headed in 2021
So as I look out through 2021, it’s very pro-bitcoin.
We’ve reached the tipping point among professional investment managers, where they’re running the risk of potentially getting fired if they don’t own bitcoin. And that’s a complete 180 from five years ago.
Heck, just two years ago, it was a career-ending risk to put your neck out and own bitcoin, or even talk about owning bitcoin. And that’s completely flipped now.
Look at MicroStrategy, which bought $1.125 billion of bitcoin for its corporate treasury. The stock price has more than doubled since acquiring that bitcoin.
Now I can guarantee you corporate boardrooms across the world − not just the country − are paying attention to that. Everyone is thinking about this. So this is another demand-driver we need to model into the price of bitcoin.
Even in my wildly bullish dreams, I didn’t think corporate treasurers would be prepared to put bitcoin in their corporate treasury this early.
I figured we’d probably have to see $40,000−50,000 bitcoin before they’d even consider it because the market would need to be big enough. It would be around $1 trillion then.
But here we are today… and we have major companies with billion-dollar market caps adding bitcoin to their corporate treasuries.
And that’s why I believe bitcoin will continue to be the most valuable financial service in the world.
That is why I have raised my buy-up-to price on bitcoin from $25,000 to $40,000. It’s still not too late to own some bitcoin here. With institutional money still barely in the space, we still see significant upside ahead for bitcoin.
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