According to him, by 2026 no one will be talking about the cryptocurrency as a store of value or a superior means of payment — Bitcoin essentially remains just a popular object of speculation.
The portfolio manager noted that he underestimated the “loyalty of Bitcoin supporters” as well as the impact of the launch of spot ETFs in the US in January 2024. His earlier forecast that “the Bitcoin price would soon fall to zero” is no longer tenable. Nevertheless, he sold his own Bitcoin at the end of 2024, using the proceeds to purchase two underground parking spaces in Munich.
Statements such as “there is no counterparty on the balance sheet: I simply pay money and then I have an accounting entry” or “the blockchain is empty — there is nothing there” once again irritated the Bitcoin community. The mathematician appears to have far less understanding for “digital gold” than for its physical counterpart.
In Beck’s view, Bitcoin “has no real intrinsic value.” Even the supply cap of 21 million coins does not strike him as a convincing argument, as he believes there is “essentially no demand” for it. He declined to offer a new price forecast, noting that no one can seriously predict where the BTC price will be in a year.
Back in 2019, the financial expert launched the Global Portfolio One fund, aimed at putting the latest findings of capital market research into practice. Since its launch, the fund has delivered a return of around 70%.
By comparison, the iShares MSCI World index rose by 108% over the same period, but also exhibited significantly higher volatility.
