Bitcoin needs to catch up to gold's market value; Wall Street says there's still 15 times room to grow

Wall Street’s optimism about Bitcoin’s long-term prospects exceeds your expectations. Recently, William Blair’s fintech analyst Andrew Jeffrey stated in an interview with CNBC that although BTC has experienced a short-term correction recently, it has not shaken his judgment of its long-term value. More notably, he believes that Bitcoin’s future market cap could continue to expand, even approaching gold’s market cap in the long run—currently, gold’s market cap is still about 15 times that of Bitcoin. The logic behind this prediction warrants in-depth understanding.

Short-term volatility does not alter the long-term trend

Bitcoin’s recent price performance has indeed sparked market divergence. According to the latest news, the overall crypto market in early 2026 is expected to perform better than in Q4 2025. BTC experienced a rebound followed by a decline of over 2%, after an earlier increase approaching 5%. Does this short-term fluctuation imply a bleak outlook? Andrew Jeffrey provides a negative answer.

Supply concentration is the fundamental cause of volatility

He pointed out that Bitcoin’s current market cap has reached $1.83 trillion, but its supply structure is highly concentrated—about one-third of all Bitcoin is held in roughly 2 million wallets. This concentration tends to amplify price fluctuations when the market is under pressure. More importantly, recent years have seen new investors entering via ETFs, whose confidence remains relatively fragile. During corrections, they are more likely to take profits or cut losses, which exacerbates short-term selling pressure. Such behavior can easily trigger a chain reaction, putting greater stress on prices in a short period.

However, from a medium- to long-term perspective, Andrew Jeffrey believes that the current risk-averse sentiment is unsustainable. In other words, these short-term technical corrections precisely reflect Bitcoin’s characteristic as an “not yet fully mature asset”—a process of moving toward maturity.

Asset positioning shift is the core of the long-term logic

The fundamental reason for the optimistic outlook on Bitcoin is that its asset positioning is undergoing a profound transformation.

From payment tool to store of value

Andrew Jeffrey emphasizes that Bitcoin is gradually being viewed by the market as a store of value rather than a means of payment. This shift is crucial. He believes stablecoins are more suitable for daily transactions, while Bitcoin’s core advantages lie in its scarcity and long-term preservation potential. This change in positioning defines Bitcoin’s future imaginative space—it is no longer a competitor to payment tools but is becoming a value storage asset similar to gold.

Market structure supports long-term driving forces

When discussing market structure, he further pointed out that Bitcoin remains the core driving force of the crypto market. In the long run, without Bitcoin’s leading role, the entire cryptocurrency market would find it difficult to sustain continuous growth. This means Bitcoin’s growth potential is not only derived from itself but also from the prosperity of the entire crypto ecosystem.

How likely is it to challenge gold?

Currently, gold’s market cap is about 15 times that of Bitcoin. This number seems large, but in the context of rapid development in crypto assets, it is not out of reach.

From the information, enterprise investors are accelerating their deployment. Several listed companies have recently announced plans to purchase BTC and ETH or expand their reserves, indicating ongoing development of corporate digital asset holdings. This institutional entry is changing the investor structure of Bitcoin and enhancing its legitimacy as a store of value.

Meanwhile, technical signals are also positive. According to recent analysis, Bitcoin’s 20-day moving average has crossed above the 50-day moving average, indicating improved short-term momentum. Changes in whale holdings also show that large funds continue to be optimistic about this asset.

Summary

Wall Street’s optimism about Bitcoin’s long-term prospects is based on three core logics: first, short-term fluctuations are normal in the maturation process and do not alter the long-term trend; second, Bitcoin’s asset positioning is shifting from a payment tool to a store of value, representing a strategic turning point; third, the 15-fold market cap gap is achievable amid the rapid development of crypto assets and institutional participation. Of course, this process requires time and ongoing market recognition, but based on current market structure and institutional deployment, the direction is already clear.