Ignorance and potential
Today I had some time to listen to podcasts and this episode of the Barron‘s Streetwise came across. It is quite popular among investors, more than double the likes on Spotify compared to for example CNBC „Fast Money“ or 4x compared to Goldman Sachs „The Markets“. "Barron's" itself is a financial newspaper and magazine published by Dow Jones & Company. It provides in-depth analysis and commentary on the financial markets, investing, and other relevant topics for investors and financial professionals.
The episode was about several ways to analyse Bitcoin price and come to a price target for the next years. The host presented several approaches from several analysts but apart from a guy from Swan there was nobody I ever heard of. They had someone telling something about 600k Bitcoin but it was based on models that went decades into the future and sounded a bit like SciFi. Anyway it was even more telling what they didn’t report about and what people they didn’t speak to: No ARK Invest, no PlanB and S2F, no Rainbow chart, no one from Bloomberg like Eric Balchunas, telling the plain facts about current ETF inflows and what this means for the time after the halving. They simply left out everybody (apart from this Swan guy) with reputation and from within the Bitcoin community. Which I think is quite ignorant since the people that follow and analyze Bitcoin since years and years have imo at least the same insights and knowledge than the standard Wall Street guy.
But the craziest story is yet to come: during the course of the episode, host Jack Hough tells how he reported on Bitcoin as a journalist back in 2011, when the price was still at $10. He allegedly did a lot of research back then and wrote an article. At the time, it was about the MtGoax bankruptcy and Silk Road, i.e. rather negative events surrounding Bitcoin. However, he apparently never really looked at it again all those years later, because to this day he says he doesn't hold a single Satoshi, even though the price has gone up 7,000X to date! And there it is again, this ignorance!
What does this all tell us? The Wall Street mainstream is still largely asleep when it comes to Bitcoin. In many cases, the knowledge about it is the same as it was 10 years ago. But on the flip side, that means that there is still a lot of money to come into play and the next big wave of adoption is just getting started. That of the mainstream, that of most Wall Street investors, the institutional investors, the big asset managers. In my opinion, this will take the price well into the six-digit price range within the next 12-18 months.
If you want to listen to the episode yourself (worth the fun) you can find it here on Fountain, where you can also earn some Sats and get ahead of Jack Hough. 😅
Or you can also find it here on Spotify.