DA Davidson highlights Bitcoin's unique value proposition and potential to reach $5 million.

From Investing.com

December 5, 2024 10:08 AM:

Bitcoin has crossed the $100,000 mark, prompting DA Davidson to highlight its unique value proposition and growing adoption. The firm states that Bitcoin has processed trillions in transactions since 2009, surviving competition and maintaining its position as the most valuable cryptocurrency.

DA Davidson believes Bitcoin has the potential to become the “All of Money,” acting as a global store of value, medium of exchange, and unit of account. If Bitcoin were to replace government currencies, its value could reach $5 million per bitcoin, reflecting the global money supply.

While currently functioning as a store of value, Bitcoin also serves as a low-correlation asset driven by adoption. With deep liquidity and global reach, Bitcoin’s second major application is trading, with potential in cross-border transfers and corporate treasury management.

Despite regulatory and security risks, DA Davidson maintains a bullish stance on Bitcoin’s revolutionary potential to reshape finance and technology. The cryptocurrency represents not just an economic opportunity, but also an ideological, political, and cultural phenomenon driving adoption worldwide.

Read more at Investing.com: DA Davidson breaks down the bull case for Bitcoin By Investing.com