One Wall Street Analyst Sees Bitcoin Headed to $4 Million

Global Equities Research analyst Trip Chowdhry, known for his early bullish calls on Tesla (NASDAQ: TSLA), now thinks Bitcoin is headed to $4 million amid the massive money printing and the fact that the Biden administration is a strong supporter of cryptos.

Chowdhry notes the printed $1.32 trillion year-to-date and said "clearly almost all of it has gone to Cryptos, Oil and the Housing bubble."

He notes the administration is a strong supporter of Cryptos, citing:

1. Bitcoin gets a boost from IRS - IRS will not tax any gain less than $10,000

- So expect fractional Bitcoins like fractional Berkshire shares to appear and start trading.

- These will also bring more liquidity, more trading and hence tremendously more Energy Consumption

- IRS is promoting Bitcoin, as there is no tax for under $10,000 of profit. Simultaneously, IRS will provide legitimacy to Bitcoins.

2. SEC is clearly supporting Bitcoins on the Balance Sheet of Pubic Companies

- So far 3 of the Fortune Global 2000 Companies (MSTR, TSLA, TWTR) have Bitcoin on its Balance Sheet.

- The remaining 1997 of Fortune Global 2000 Companies still have to put Bitcoin on their Balance Sheet

- Also factor, every Mutual Fund would need to own Bitcoins or they will become obsolete.

- Link: Jeffrey Gundlach "Bitcoin may be better than Gold"

- By current structure, there can only be 21 Million Bitcoins.

3. The regulators may not do anything since all of the Bitcoin owners and related entities are major and safe donors to our Administration

- We are of the Opinion that Bitcoin will get to $4 Million per Bitcoin, in the next 18-24 months.

"Bitcoin heads to $4 mil/Bitcoin for all the above reasons", Chowdhry concludes.

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