{"id":221816,"date":"2021-04-08T13:25:00","date_gmt":"2021-04-08T10:25:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/why-to-one-strategist-bitcoins-worth-120000\/"},"modified":"2021-04-08T13:25:00","modified_gmt":"2021-04-08T10:25:00","slug":"why-to-one-strategist-bitcoins-worth-120000","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/why-to-one-strategist-bitcoins-worth-120000\/","title":{"rendered":"#\n  Why, to one strategist, bitcoin\u2019s worth $120,000"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6af94e70e84a1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6af94e70e84a1\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/why-to-one-strategist-bitcoins-worth-120000\/#Steve_Goldstein\" >Steve Goldstein<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Why, to one strategist, bitcoin\u2019s worth $120,000<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\">\n<\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div class=\"cx--next\">\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000225051\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       The debate around the value of cryptocurrencies, and bitcoin in particular, continues in financial markets as leading institutional investors debate its role in portfolios.<\/p>\n<p> One strategist with an optimistic take on bitcoin\u2019s value is Dhaval Joshi, chief strategist for BCA Research\u2019s Counterpoint product. He shared questions from one of his skeptical clients and answered them.<\/p>\n<div class=\"paywall\">\n       Joshi\u2019s major argument is that bitcoin<br \/>\n        BTCUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/31322028\/realtime\" class=\"positive\">+0.86%<\/bg-quote><br \/>\n       will rise as it becomes a bigger share of what he calls the $15 trillion anti-fiat market, which right now is dominated by gold<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.22%<\/bg-quote><span>.<\/span><br \/>\n       \u201cSo long as we have a fiat money system, there will be demand for an \u2018anti-fiat\u2019 asset that is a hedge against a debasement of the fiat money system,\u201d he says. The moves by central banks to introduce their own digital currencies doesn\u2019t alleviate the concerns about fiat money, he added.<\/p>\n<p>Bitcoin currently accounts for 10% of that anti-fiat market. \u201cAs this share doubles or trebles, it arithmetically requires a doubling or trebling of cryptocurrency prices,\u201d he says.<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        renoImageFormat-\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:62.34375000000001%;\" data-mobile-ratio=\"62.34375000000001%\" data-layout-ratio=\"62.34375000000001%\" data-subtype=\"\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-322142?width=140&amp;size=1.6040100250626566 140w,\nhttps:\/\/images.mktw.net\/im-322142?width=540&amp;size=1.6040100250626566 540w,\nhttps:\/\/images.mktw.net\/im-322142?width=620&amp;size=1.6040100250626566 620w,\nhttps:\/\/images.mktw.net\/im-322142?width=700&amp;size=1.6040100250626566 700w,\nhttps:\/\/images.mktw.net\/im-322142?width=860&amp;size=1.6040100250626566 860w,\nhttps:\/\/images.mktw.net\/im-322142?width=1260&amp;size=1.6040100250626566 1260w\" sizes=\"(max-width: 140px) 100px,\n(max-width: 540px) 500px,\n(max-width: 620px) 580px,\n(max-width: 700px) 660px,\n(max-width: 860px) 820px,\n1260px\" src=\"https:\/\/images.mktw.net\/im-322142?width=620&amp;size=1.6040100250626566\" data-enlarge=\"https:\/\/images.mktw.net\/im-322142?width=1260&amp;size=1.6040100250626566\" alt=\"\" title=\"\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\"><\/figcaption><\/figure>\n<\/div>\n<p>       While gold does have an intrinsic value bitcoin doesn\u2019t have \u2014 it can be melted down and used in jewelry, for instance \u2014 most of its value comes from its status as the dominant anti-fiat asset. The price of gold to silver<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"positive\">+0.41%<\/bg-quote><br \/>\n       is about 70, while the inverse ratio of gold mined to silver was 7.5 in 2019. Silver and platinum<br \/>\n        PL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210261555\/delayed\" class=\"positive\">+0.17%<\/bg-quote><br \/>\n       trade more closely in line with their mining ratio.<\/p>\n<p>Joshi acknowledges that bitcoin is more volatile than gold \u2014 and says, to account for the risk of bigger drawdowns, investors should hold $1 of cryptocurrencies for every $3 of gold. He also says cryptocurrencies will take share from each other, so it is important to own a diversified basket, with exposure to others such as ethereum<br \/>\n        ETHUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/108573964\/realtime\" class=\"positive\">+0.55%<\/bg-quote><span>.<\/span>\n      <\/p>\n<p>That ratio of $1 crypto to $3 gold implies that cryptos should be 25% of the market. This would take bitcoin in particular to $120,000. On Thursday, bitcoin was exchanging hands at $56,720.<\/p>\n<p>The rise of cryptocurrencies also will have implications for inflation. \u201cWith cryptocurrencies as a competing trust system, the only way for governments and central banks to maintain our trust in fiat money is not to debase its value. In other words, cryptocurrencies are the new vigilantes to prevent rampant inflation,\u201d he says. He also recommends underweighting gold miners as gold\u2019s anti-fiat premium collapses.<\/p>\n<p><strong>Also read:<\/strong> \u2018We\u2019ve reached a tipping point\u2019 on bitcoin adoption, Fidelity\u2019s Tom Jessop says<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/events.marketwatch.com\/crypto\/home\" class=\"icon none\">Register for MarketWatch\u2019s Investing in Crypto seminar<\/a><\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Steve Goldstein\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Steve_Goldstein\"><\/span>Steve Goldstein<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21005575-02D4-D4B5-4572-D36F1B8A1286%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Why, to one strategist, bitcoin\u2019s worth $120,000 &#8221; The debate around the value of cryptocurrencies, and bitcoin in particular, continues in financial markets as leading institutional investors debate its role in portfolios. One strategist with an optimistic take on bitcoin\u2019s value is Dhaval Joshi, chief strategist for BCA Research\u2019s Counterpoint product. He shared questions&#8230;<\/p>\n","protected":false},"author":1,"featured_media":194742,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-221816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/221816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=221816"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/221816\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/194742"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=221816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=221816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=221816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}