Bitcoin Is Here To Stay, And GBTC Offers ~56% Upside To BTC

SummaryOnce the wildest assets in the history of financial markets, Bitcoin's volatility is steadily falling even as volatility levels for stocks rise.The fundamental thesis for Bitcoin is unchanged–unstoppable adoption in third-world countries should drive the network's value to multiples of where it presently is.Most (but likely not all) crypto-adjacent fraud has been washed away, and institutional players are waging a legal battle to get a spot Bitcoin ETF for US investors.Why I remain positive on Bitcoin for the long run despite short-term downward momentum, and why GBTC is a great way to play BTC for patient investors.Investing was pretty easy in late 2020 and 2021–all many investors had to do was phone their bets in and collect their winnings. No group of investors did better than the crypto faithful, with investing in Bitcoin (BTC-USD) alone thought to account for around 1/3 of American millennials who had managed to achieve millionaire status by 2021. But of course, the tables turned in 2022 as markets were crushed by surging inflation. Bitcoin has fallen nearly 60% this year against the US dollar, more than the broad NASDAQ index (QQQ) and the S&P 500 (SPY). Things look bleak, but when you zoom out, I think it's quite clear that the underlying reasons that Bitcoin has succeeded over the past 10 years are still in place, creating opportunities for patient investors.Data by YChartsUnderneath the surface, there are a...