Vitalik Buterin · Ethereum · BitMine Immersion Technologies · CoinDesk
A crypto pioneer who turned a $20 million family stake into a billion-dollar fund doubles down on bitcoin
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James Wo, the founder and chief executive of crypto investment firm DFG, says bitcoin remains the dominant institutional asset in crypto, and ether is unlikely to reach the same status anytime soon.
Key facts
- If it goes down 50% as a correction. the bottom should be around $60,000 to $62,000," Wo calculated, adding that only an extreme geopolitical black swan event would push the asset lower
- Ether was trading around $1,775 as of time of writing, while bitcoin was near $63,000
- He also directed early-stage corporate investments into consumer applications and Web3 infrastructure, including an early $10 million allocation into Circle's USDC stablecoin project in January 2018
- He deployed that initial capital into bitcoin during the market lows of late 2014 and 2015
Summary
James Wo, founder of crypto investment firm DFG, argues that bitcoin has achieved a level of institutional consensus and safe-haven status that ether is unlikely to match in the near term. Wo claims that Ethereum’s value is diluted by activity and fees shifting to Layer-2 networks, and he doubts ether will reach a new all-time high even as some in the community, including Vitalik Buterin, debate upgrades that could change the network's economics. Drawing on a decade of investing that began with a $20 million bitcoin allocation, Wo forecasts that bitcoin will outperform major stock markets, could correct to about $60,000, and may reach around $125,000 in a new peak he expects in 2027 or 2028.