Can bitcoin be the FAANG stock of the next decade? One money manager thinks so, but it takes more than Reddit to get it there

Bitcoin was last trading at US$32,129 on Friday, almost US$10,000 lower than its record high of US$41,000 earlier this month

Skybridge is headed by Trump’s former communications director Anthony Scaramucci

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Bloomberg Best of the Year 2017: Eugene Mutai, a bitcoin 'miner' and software developer, poses for a photograph with cryptocurrency 'mining' machines at his home in Nairobi, Kenya, on Saturday, Sept. 9, 2017. Photo: Bloomberg

Published: 12:16pm, 1 Feb 2021Updated: 12:15pm, 1 Feb 2021

Bitcoin could become what Tesla, Facebook, and Google were for the last decade, according to Brett Messing, partner and chief operating officer at Skybridge Capital.

The investment chief explained that just like three of those tech stocks were some forms of networks, bitcoin too is a monetary network.

“Bitcoin is actually going to be the great tech stock over the next decade, in addition to being digital gold,” Messing said at a virtual round table discussion this week.

According to him, there are two potential outcomes for the digital token in the near future: either it could remain a niche asset and trade between US$5,000 and US$50,000, or it could grow to be a “real asset” that could easily hit as much as US$500,000.

But in order for it to get to even a quarter of that level, “it’s going to require institutional capital,” he said. “Retail can’t get it there.”

Bitcoin was last trading at US$32,129 on Friday, almost US$10,000 lower than its record high of US$41,000 earlier this month.