Christopher Wood remains ‘extremely bullish’ on bitcoin

NEW DELHI: Bitcoin represents a legitimate alternative for risk averse capital looking for a store of value, amid accumulating evidence of policies of currency debasement in the G7 world, Christopher Wood, global head of equity strategy at Jefferies, said in a research note titled, Greed & fear.

“Greed & fear remains extremely bullish on bitcoin at the start of the new quarter… This is in part because of the macro backdrop in terms of G7 monetary and fiscal policy. But, as importantly, it is also because of the dramatic supply and demand dynamics continuing to drive bitcoin in the aftermath of last year’s halving and in the context of growing institutional ownership,” he noted.

There are now only 18.7 million bitcoins in existence, and with an estimated 3-4 million lost, there is a total estimated supply of around 15 million.