Why, to one strategist, bitcoin’s worth $120,000

The debate around the value of cryptocurrencies, and bitcoin in particular, continues in financial markets as leading institutional investors debate its role in portfolios.

One strategist with an optimistic take on bitcoin’s value is Dhaval Joshi, chief strategist for BCA Research’s Counterpoint product. He shared questions from one of his skeptical clients and answered them.

Joshi’s major argument is that bitcoin


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