Crypto assets in 2021 are initially about the diminishing prospects for Bitcoin to revisit old highs around $20,000 vs. the increasing potential of staying a bullish course toward $50,000 and a market cap of about $1 trillion, the way we see it. Increasing regulation is part of maturation and is more likely to enhance the digital-gold attributes of Bitcoin vs. the other 8,000-or-so so-called cryptocurrencies, most of which are someone’s project and/or liability.
Bitcoin has crossed the Rubicon into the mainstream and still appears in early days of price-discovery. A primary difference from 2017 is reputation risks seem to have shifted against the naysayers. Key threats are glitches in the technology or a risk-off swoon like the one in 1Q20.