As the market remains divided on Bitcoin’s (BTC) near-term direction, one Wall Street analyst is standing firm in his bullish outlook. He predicts that Bitcoin could soon enter a price discovery, underscoring its value beyond being a payment currency to a market leader and one of the best-performing assets that could eventually reach gold’s market capitalization.
In a recent interview with CNBC, William Blair’s fintech equity analyst Andrew Jeffrey said recent price swings do not change his long-term conviction in Bitcoin’s recovery and future value. CNBC opened the discussion by pointing out that crypto started the year on a stronger note than Q4 2025, rising about 5% before giving back more than 2% after a sharp rally.
When asked what was happening beneath the surface of Bitcoin’s latest moves, Jeffrey said its behavior reflects the nature of an immature asset. He explained that BTC has a market capitalization of more than $1.9 trillion. Yet, roughly one-third of the total supply is controlled by a small group of wallets, roughly estimated at 2 million.
The Wall Street analyst stated that this supply concentration creates instability, especially during periods of market stress. He added that recent buyers, particularly retail investors entering through ETFs, tend to have weaker conviction and are more likely to sell during downturns.
According to Jeffrey, these sell-offs can feed on themselves, leading to sharper declines. He said the current environment is broadly risk off, but emphasized that he sees this phase as temporary. The Wall Street analyst also highlighted his belief that Bitcoin will increasingly be viewed as a store of value. He stated that BTC could eventually challenge gold’s role in that category and move closer to the precious metal’s market cap, which is currently about 15x larger than Bitcoin’s today.
While optimistic about Bitcoin’s outlook, Jeffrey made it clear that he does not see it becoming a dominant payment tool. Instead, he stated that stablecoins like Circle’s USDC are more suited for transactions. The analyst emphasized that price discovery is still underway and that BTC’s long-term potential remains intact despite recent market turbulence.
In the interview, Jeffrey spoke with CNBC about fading excitement around Bitcoin as newer crypto stories attract attention. CNBC raised concerns that BTC feels like old news as prices hover and interest shifts towards more interesting news surrounding companies like Ripple.
Jeffrey replied that Bitcoin’s short-term price action is driven by investor psychology, while its long-term performance tells a different story. He highlighted that Bitcoin has been the best-performing asset in the world over the past decade and said investors need to maintain that perspective.
CNBC also questioned whether crypto growth could now occur without Bitcoin leading the way. The Wall Street analyst responded that it would be very hard for the crypto market to see sustained gains without BTC at the forefront.
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