Blast

CRYPTO BLAST (Grider): Bitcoin Reaches Target: Issuing FY-21E & Increasing Outlook: $25K


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Crypto continues to be in a secular bull market. Bitcoin has rallied 3x since we issued our initial outlook following the mid-March sell-off, with prices today bursting to ~$16,700 or 1% above our FY-2020 target of $16,500. We are maintaining our bullish view on crypto and releasing our new FY-2021 fundamental economic financial model estimates, which we are applying to revise our price target upward to $25,000 (Slide 2).   

  • Macro Thematic Thesis Remains Strong: Bitcoin has been the best performing among global assets 8 out of 10 years since inception and leads in 2020 by 98% YTD (Slide 3). Outlook remains strong and we’re maintaining our recommendation for investors to overweight crypto as a core portfolio holding at 1-2% or a 10-20x OW vs. current size at 0.1% of assets (Slide 4). 

Fourth Bull Market Cycle Remains Intact: Crypto economies move in macro boom and bust business cycles like traditional economies. As the U.S. drives the global economy, Bitcoin, the largest among peers, is the bellwether and driver of the crypto economy. It has seen three macro market cycles with astonishing returns, excessive valuations and over 80% price declines. We continue to believe...

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