We launch Bitcoin (BTC) as an overweight relative to gold. We project that Bitcoin's market-cap relative to gold will go from 4.4% at the end of 2020 to 10% by year-end 2021, representing 127% relative upside. Bitcoin's continued adoption by institutions as a store-of-value asset is central to our investment thesis. In 2020 we saw announcements of planned and actual purchases by several large corporations, high-profile investors, and Bitcoin funds. Investors need to be aware of the significant risks involved with Bitcoin, including extreme volatility, potentially debilitating regulation, and failure of adoption. Bitcoin is not suitable for risk-averse portfolios.
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