Bitcoin To Replace Bonds? Why $250k Is Next | Jason Yanowitz

Watch on YouTube ↗  |  January 18, 2025 at 22:25  |  40:12  |  The David Lin Report
Speakers
Jason Yanowitz — Co-Founder, Blockworks

Summary

Jason Yanowitz of Blockworks discusses why he thinks Bitcoin's post-election and post-inauguration setup is not fully priced in, with 2025 targets of $150K-$180K and up to $250K if a Strategic Bitcoin Reserve occurs. He argues Bitcoin can replace bonds in a 60/40 portfolio, expects altcoin season and new Solana/XRP ETFs, and sees Coinbase and crypto-native rails eventually outcompeting legacy banks. He is more cautious on Ethereum due to competition and weak value capture, while highlighting stablecoin adoption and institutional crypto allocation trends.

  • Bitcoin 2025 outlook: $150K bear, $180K base, $250K if a strategic reserve happens.
  • Trump administration and pro-crypto Congress/SEC seen as regulatory tailwinds.
  • Bitcoin viewed as portfolio replacement for long-term bonds; TLT criticized for poor returns.
  • Stablecoin adoption and payments growth highlighted as major crypto use case.
  • Altcoin season expected as retail and VC flows have not yet returned; Solana/XRP ETFs possible.
  • Coinbase seen as a future major financial institution; legacy banks handicapped by old infrastructure.
  • Ethereum faces competition and value-capture issues; ETH staking yield still has supporters.
  • Institutional LPs seen rotating from crypto venture to liquid crypto hedge funds.
Ideas
Jason Yanowitz Co-Founder, Blockworks 0:00
Bitcoin targets $150K-$250K in 2025
He sees Bitcoin replacing bonds in a traditional 60/40 portfolio because long-term government bonds have produced negative real returns and the iShares 20+ year Treasury ETF is down about 40% over five years, while Bitcoin has been positive over every multi-year horizon despite volatility.
BTC HIGH
Jason Yanowitz Co-Founder, Blockworks 18:52
Bitcoin can replace bonds in portfolios
He sees Bitcoin replacing bonds in a traditional 60/40 portfolio because long-term government bonds have produced negative real returns and the iShares 20+ year Treasury ETF is down about 40% over five years, while Bitcoin has been positive over every multi-year horizon despite volatility.
TLT HIGH
Jason Yanowitz Co-Founder, Blockworks 27:28
Coinbase will outgrow legacy banks
He says crypto-native wallets and exchanges are the banks of the future, and Coinbase will eventually be bigger than JPMorgan because legacy banks and fintechs are handicapped by 1970s-era infrastructure while crypto rails allow exponentially better products.
COIN HIGH
Jason Yanowitz Co-Founder, Blockworks 27:28
Coinbase will outgrow legacy banks
He says crypto-native wallets and exchanges are the banks of the future, and Coinbase will eventually be bigger than JPMorgan because legacy banks and fintechs are handicapped by 1970s-era infrastructure while crypto rails allow exponentially better products.
KBE HIGH
Jason Yanowitz Co-Founder, Blockworks 34:59
Liquid crypto funds beat venture
He sees a rotation in institutional crypto allocations: LPs are overexposed to crypto venture capital and underexposed to crypto liquid hedge funds, making liquid crypto hedge funds the biggest cohort of new funds.
Crypto liquid hedge funds MED
Jason Yanowitz Co-Founder, Blockworks 34:59
Liquid crypto funds beat venture
He sees a rotation in institutional crypto allocations: LPs are overexposed to crypto venture capital and underexposed to crypto liquid hedge funds, making liquid crypto hedge funds the biggest cohort of new funds.
Crypto venture capital MED
Jason Yanowitz Co-Founder, Blockworks 35:22
Altcoin season has arrived
He believes altcoin season is underway in 2025 because retail has not yet returned, VC and retail flows remain far below 2020/2021 levels, and a Bitcoin-led wealth effect should spill from majors into long-tail altcoins.
ALTCOINS HIGH
Jason Yanowitz Co-Founder, Blockworks 36:48
Solana, XRP ETFs likely approved
He expects new crypto ETF approvals, likely including a Solana ETF and a Ripple ETF, under the more crypto-friendly SEC; he notes VanEck's $3,200 Solana price target versus roughly $200 at the time, implying large potential upside if the ETF catalyst and altcoin cycle materialize.
SOL XRP MED
Jason Yanowitz Co-Founder, Blockworks 37:19
Ethereum struggling with value capture
He says Ethereum is struggling because it faces competition from Aptos, Sui, Optimism, Arbitrum, Base, and Solana, and because fees/value are leaking to layer-2s and Base rather than flowing back to ETH token holders via real economic value.
ETH HIGH
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This The David Lin Report video, published January 18, 2025, features Jason Yanowitz discussing BTC, TLT, COIN, KBE, Crypto liquid hedge funds, Crypto venture capital, ALTCOINS, SOL, XRP, ETH. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jason Yanowitz  · Tickers: BTC, TLT, COIN, KBE, Crypto liquid hedge funds, Crypto venture capital, ALTCOINS, SOL, XRP, ETH