Matt Crosby, a research director at Look Into Bitcoin, said in a recent interview that Bitcoin currently represents only about 0.3% of global capital, a share that continues to expand as the overall pool of capital grows.
The market player noted that returning to the previous all-time high would require a higher dollar figure than the nominal peak because of ongoing U.S. dollar debasement, putting that adjusted level closer to $134,000 than $126,000.
“I mean, right now Bitcoin is about 0.3% of global capital. And keep in mind that the pool is growing constantly. If we were to regain the previous all-time high, it wouldn’t be $126,000 because the US dollar has been debasing during that time. It’s closer to around $134,000.” He wrote.
Crosby pointed out that Bitcoin remains a fraction of the gold market, which saw a $20 trillion move during its most recent bull run. Even a modest rotation of a couple of percentage points from gold into Bitcoin, which he described as digital gold with superior utility and easier accessibility now validated by major institutions, could significantly amplify Bitcoin’s price action.
Crosby outlines Bitcoin’s path to a new all-time high
According to Crosby, allocating just 1% of global capital to Bitcoin would drive the price to about $275,000.
Crosby framed this figure as the lower end of the range that large allocators such as BlackRock have recommended for Bitcoin holdings.
He further suggested that corporate treasuries and additional sovereign interest, inspired by examples like El Salvador, could create a self-reinforcing flywheel of inflows.
In Crosby’s view, market psychology is poised to reverse, as investors who currently allocate only a few percent to Bitcoin are often seen as outliers.
However, within a few years, those who hold none may be seen as the ones out of step, with shareholders likely pressing companies, corporations, and nation-states to add a small Bitcoin position to their balance sheets.