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William Blair Fintech Equity Analyst Andrew Jeffery thinks now is the time to buy Bitcoin.
In a CNBC interview, Jeffery said the recent crypto weakness is temporary and backed Circle and Coinbase as his top picks. He believes Bitcoin will eventually challenge gold’s market cap, which is currently 15 times larger.
Bitcoin has pulled back alongside broader markets, but Jeffery is not concerned. He called Bitcoin an “immature asset” with a market cap of just $1.9 trillion.
One issue he flagged: supply concentration. About one-third of all Bitcoin sits in roughly 2 million wallets. And the newest buyers, retail investors using ETFs, tend to sell first when prices drop.
“The most recent buyers, namely retail in ETFs, are probably the weakest hands,” Jeffery said. “Downdrafts sort of become self-fulfilling.”
Can Bitcoin Really Rival Gold?
Jeffery thinks so. He argues Bitcoin has clear advantages over gold: lower costs to hold, a capped supply, and easier movement across borders.
Gold sits at a market cap roughly 15 times higher than Bitcoin. Jeffery sees that gap narrowing over time.
“I see Bitcoin over time being a true store of value and supplanting gold in a lot of respects,” he said.
He also reminded viewers that Bitcoin has been the best-performing asset in the world over the past decade.
Why He’s Betting on Circle and Coinbase
Jeffery made one thing clear: Bitcoin is not a payment tool. That role belongs to stablecoins.
“I think that’s where stablecoins come in, and USDC is the play,” he said. “That’s why we’re so bullish on Circle.”
Circle issues USDC, the second-largest stablecoin by market cap. With stablecoin adoption rising and Coinbase sitting at the center of U.S. crypto infrastructure, Jeffery sees both names as strong bets for the year ahead.
