Four years ago I embarked on a round of fund marketing. The price of bitcoin was in the low $20,000s, crypto hedge funds and exchanges had blown up, and Sam Bankman Fried was on his way to the slammer.
It seemed clear to me that the bad news was priced in, and so I set out the case for investing, particularly into bitcoin given the macro backdrop and the timing of the halving cycle.
That proved to be the correct call. The price of Bitcoin rose more than 5x before topping out in the Autumn of 2025. Ethereum rose over 4x.
This note is to make that call again, yet with a critical difference, one that gives it more conviction.
For the first time in the history of the asset class, the technology is being adopted by major players across the financial spectrum. Crypto is no longer a “solution looking for a problem”. It is a solution.
This changes everything. Instead of arguing the case for a form of private money – bitcoin – sitting outside the boundaries of traditional finance, widely associated with nefarious activities, we can make the case for crypto’s practical usage and value in daily financial activities. It is an entirely new and plausible financial proposition.
As so often the case with a new technology, it comes at a time when investors have given up on it. This creates a great opportunity, but one that requires selectivity and a proper level of understanding of the technology and the nuances of the multitude of coins and tokens. This is the knowledge we at Wiston Capital have been building over the last six years.
Let’s look at the major factors behind this call:
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Assets Tokenisation
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Agentic AI
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Regulation
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Macro
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Small Caps – usage outside mainstream decentralised finance
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The crypto business cycle.
