- David Grider is the head of digital assets research at Fundstrat Global Advisors.
- He explains his year-end price targets of $100k and $10.5k for bitcoin and ether respectively.
- Grider also shares how to research digital assets and 8 additional tokens that he is bullish on.
- See more stories on Insider’s business page.
Back in 2015, David Grider was working at an investment bank when he first heard billionaire investor Chamath Palihapitiya talking about bitcoin and cryptocurrencies.
“I respected him so I gave it a look and got in there,” Grider, who is now the head of digital assets research at Fundstrat Global Advisors, said in an interview.
Before long, he fell into the proverbial crypto rabbit hole and started researching the various assets in the nascent industry. In 2016, Grider acquired bitcoin (BTC) at around $600 and ether (ETH) at about $12. The next year, he left the traditional finance industry and started a blockchain-based hedge fund Aenigma Capital.
“People laughed at me for going into crypto. They were like this thing is a bubble and this is going nowhere,” he said. “There’s so much career risk to anyone going into crypto at that time.”
Grider, a chartered financial analyst, did not think twice. Once he got involved with blockchain technology and perused the theoretical aspects of bitcoin and crypto, he learned that “you could never buy enough.”
As bitcoin and ether have skyrocketed more than 538% and 1,693% respectively, in the past year, it seems to Grider that many investors in traditional finance are “beating down the door to switch over” to the $2.4 trillion crypto industry.
Grider’s early switch to the crypto space proved prescient. It turns out that his analytical and valuation background was critical to an industry that, until recently, has lacked fundamental institutional research.
“When I first got into crypto, I was developing fundamental valuation models and figuring out how it works from the institutional lens,” he said. “And I realized that there actually is a lot of fundamentals for a lot of these cryptocurrencies.”
How bitcoin and ether could reach $100k and $10.5k by yearend
Grider has set year-end…