We’re starting to become more and more comfortable with calling Bitcoin and its digital siblings
an “asset class”. Although we don’t know exactly where the space is headed or what we can
expect over the next decade, it is certainly becoming a force to be reckoned with. No other
asset class, over the past 10 years, has out-performed Bitcoin. And if you’re thinking that you
may have missed the boat here, think again. Bitcoin’s price projections for 2021 are coming out
overwhelmingly in favor of a six-figure asset. From traditional financial institutions and
investment firms, to experienced macro investors and hedge fund managers. The stars are
aligning to produce what may very well become the most prolific year in Bitcoin’s existence. We
are still early adopters. You are still an early adopter. Things are just heating up.

But how is this different from what happened in 2017? What if there’s a huge price retraction?
We’ve heard these questions, loud and clear. And they can assuredly be summed up in two
words: institutional adoption. Throughout 2020, especially following the unprecedented
stimulus efforts undertaken by the federal government and Federal Reserve, institutions have
come out of the woodwork in order to purchase and accumulate massive quantities of Bitcoin
and other digital assets. Since early this summer and on an almost weekly basis, we are seeing
consistent reports of $100 million, $250 million, $500 million+ worth of Bitcoin being bought
and added to balance sheets. As it turns out, the very same companies who blasted and
degraded Bitcoin back in 2016 and 2017, had been purchasing the asset behind the scenes the
entire time. They are no longer trying to hide this activity, and have now been joined by the
likes of Paypal, Square and Cash App. There is just not enough Bitcoin being mined into
existence on a daily basis to satisfy the level of institutional demand. And this doesn’t even take
into account the ongoing accumulation occurring in a retail capacity by the grassroots early
adopters and the most forward-looking individual investors. This level of interest, in all fronts,
will inevitably be followed by a significant increase in the value of Bitcoin and the overall asset
class and as such, we will never see a $1,000 bitcoin again. We may never see a $15,000 bitcoin
again. We love any bitcoin valued below $20,000 right now, and we will continue to proceed
accordingly.

All things considered, Bitcoin’s risk versus reward is so astonishingly asymmetrical that it would
be easy to dismiss the entire asset class as a bubble headed for total destruction. It is, however,
exactly this position that will leave many people scratching their heads a year from now,
wondering how they missed the call. It has been said, more than once, that Bitcoin is a call
option on the future of monetary policy. It is structural and dynamic at the same time; and has
emerged as alternative-turned-mainstream investment champion amidst the chaos and
confusion of failed government policy, which all people have begun to loathe. 2021 marks the
calendar year following Bitcoin’s third and most recent halving (halving = the decrease in BTC
supply which occurs approximately every four years), and this is historically the timeframe when
we see real parabolic price movement. As indicated earlier, we are just getting started on this
run. And while fluctuations in price will always accompany any healthy bull market, keep the
aforementioned asymmetry in mind. We’ve never seen an investment space or an asset class
quite like this before, and we may never see one again in our lifetime. No, this is nothing like
what happened in 2017, not even a little bit, not even at all.