He "Called" $100,000 Bitcoin — Here's What's Next
This Former Bitcoin Miner Sees a Strong 2025
I’ve known Dave Zeiler for years. He’s a friend, longtime colleague, technology expert and former crypto miner. Dave spent decades as a reporter, with a focus on tech — which introduced him to crypto. In 2011, he established his own Bitcoin-mining venture — back when individuals could still do that – and ultimately became a nationally known chronicler of all things crypto.
Back in March, in the “Bitcoin Guide” he did for the folks here at Stock Picker’s Corner (SPC), Dave made this short-but-powerfully-prophetic statement: “I actually suspect the peak for this cycle will occur in late 2025, but for this year I see Bitcoin at least exceeding its all-time high of $68,789.63, and, in all likelihood, breaching $100,000 by December.”
Dave was right.
Yet again.
So I’ll let him take that “victory lap” – a victory lap that also helped SPC readers like you.
Late on Wednesday (Dec. 4), Bitcoin finally breached the long-awaited milestone of $100,000. It capped off an incredible month in which Bitcoin has soared 45%.
This came as no surprise to me, as I was talking about this earlier in the year. In March … and again in June I said I expected Bitcoin to be trading in the $90,000 range by December and could hit $100,000 if FOMO kicked in. At the time Bitcoin was trading between the $63,000-$64,000 range. It may have sounded absurd then, but here we are.
The primary driver for why we got to $100,000 so quickly is the presidential-election win of Donald Trump. During his campaign he promised several crypto-friendly moves, and optimistic investors have been in strong-buy mode ever since.
Trump’s Dec. 4 nomination of Paul Atkins to replace Gary Gensler as chairman of the U.S. Securities and Exchange Commission (SEC) was the move that pushed Bitcoin over the top.
Gensler has been notoriously anti-crypto throughout his time as SEC chair, harassing crypto businesses without providing any real regulatory clarity. Atkins is known to be far more open-minded toward crypto; the announcement drew praise from several quarters of the crypto community.
So I’m sure most people are wondering: Where does Bitcoin go from here?
That’s a good question … and here’s what I think.
POWERFUL CATALYSTS
I don’t believe we’re at the peak. In fact, if we continue to follow Bitcoin’s four-year cycle — and it has followed the pattern pretty closely – we won’t see a top until the second half of 2025, specifically around October-November.
I’ve talked about a peak at the low end of about $135,000 ranging to a high end of about $250,000. However, Trump’s election has added a lot of fuel to the fire. I’d be surprised if we didn’t at least hit $150,000 next year, and $250,000 looks a lot more achievable now than it did a few months ago.
In addition to a much more friendly regulatory environment, Trump has vowed to create a “strategic Bitcoin reserve” that would entail the U.S. government buying and holding Bitcoin.
Other countries will likely follow America’s lead, which will create enormous new demand for Bitcoin.
There’s also increasing talk of using Bitcoin as a reserve currency. This has a lot of appeal to nations that would like to rely less on the U.S. dollar as a reserve currency, whether for political or economic reasons. Bitcoin’s higher price makes this increasingly feasible. And serving as a reserve currency, even in a limited role, would create another large source of new demand.
So for those who think that Bitcoin at $100,000 means you’ve “missed the boat” — that’s not entirely true. Yes, you’ve missed out on the gains to this point. But Bitcoin still has the potential for big gains. It could easily double from here in less than 12 months.
And longer term, Bitcoin is likely to go much higher than even $200,000-$250,000.
Looking five to 10 years down the road, Bitcoin could reach $500,000 or even $1 million. As Bitcoin becomes more accepted as an investment, targets that once seemed fanciful suddenly appear attainable.
As always, I recommend that people add just a little Bitcoin to their portfolios. Don’t go “all-in,” as it’s still a volatile-and-risky investment. After Bitcoin peaks next year, the price will likely fall — and if it follows the previous pattern, it could drop by as much as 50% to 80%. But it’s worth having long-term exposure to it because of the exceptional potential.
A “BITCOIN STOCK”
In terms of stocks, look at Coinbase Global Inc. (COIN) — which is up 84% year-to- date.
Coinbase benefits from crypto rallies because more trading equals more fees for Coinbase.
So I believe the stock will have a good 2025 – especially as other cryptocurrencies start having their own rallies. The fact that it’s the custodian for some of the Bitcoin ETFs I’ve written about will add some revenue.
Also, Gensler had targeted Coinbase along with other crypto exchanges. As of Jan. 20, he’ll be gone and the more-crypto-friendly Atkins will be sitting in that SEC “chair.”
The big-picture takeaway: There are lots of positives for COIN.