Wall Street Analyst Says Bitcoin Weakness Is Temporary, Backs Circle and Coinbase

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William Blair Fintech Equity Analyst Andrew Jeffery thinks now is the time to buy Bitcoin.

In a CNBC interview, Jeffery said the recent crypto weakness is temporary and backed Circle and Coinbase as his top picks. He believes Bitcoin will eventually challenge gold’s market cap, which is currently 15 times larger.

Bitcoin has pulled back alongside broader markets, but Jeffery is not concerned. He called Bitcoin an “immature asset” with a market cap of just $1.9 trillion.

One issue he flagged: supply concentration. About one-third of all Bitcoin sits in roughly 2 million wallets. And the newest buyers, retail investors using ETFs, tend to sell first when prices drop.

Can Bitcoin Really Rival Gold?

Jeffery thinks so. He argues Bitcoin has clear advantages over gold: lower costs to hold, a capped supply, and easier movement across borders.

Gold sits at a market cap roughly 15 times higher than Bitcoin. Jeffery sees that gap narrowing over time.

He also reminded viewers that Bitcoin has been the best-performing asset in the world over the past decade.

Why He’s Betting on Circle and Coinbase

Jeffery made one thing clear: Bitcoin is not a payment tool. That role belongs to stablecoins.

Circle issues USDC, the second-largest stablecoin by market cap. With stablecoin adoption rising and Coinbase sitting at the center of U.S. crypto infrastructure, Jeffery sees both names as strong bets for the year ahead.