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Cryptocurrency News Articles

Bitcoin Will Hit $400,000, Solana Is the 'Fastest Horse' to a Mid-Three-Digit Print, and Ethereum's Investment Case Is 'Increasingly Threadbare'

May 12, 2025 at 09:00 pm

In an interview that spanned everything from macro-economics to meme-coin mania, veteran trader and Asymmetric founder Joe McCann laid out a forceful—but narrowly targeted—thesis

Bitcoin Will Hit $400,000, Solana Is the 'Fastest Horse' to a Mid-Three-Digit Print, and Ethereum's Investment Case Is 'Increasingly Threadbare'

Veteran trader and Asymmetric founder Joe McCann sees institutional flows propelling Bitcoin to the high six-figure range, while Solana is "the fastest horse" toward a mid-three-digit print and Ethereum’s investment case is increasingly threadbare.

The trader, who prefers a 70% core position in Bitcoin over a 70% core position in gold, made the remarks in an interview with Melker, spanning topics ranging from macro-economics and meme-coin mania.

Those flows, he said, are only beginning. Sovereign wealth funds, pensions, and corporations are "hoarding Bitcoin the way they once hoarded gold," but unlike bullion, the supply cap is immutable. With uncertainty indices at all-time highs and US trade policy setting the tempo of risk assets, McCann sees a probabilistic path toward enormous upside once "local maxima" on tariffs are understood.

"If Trump does deregulation, if he chills out on tariff policy, you could see Bitcoin actually rip two, three, four-hundred thousand dollars. It really is just a number. It’s more about the flows."

Pressed for timing, the CEO of Asymmetric would not went all in on Bitcoin and his thesis is time is no object. But he did segment the mechanics: reflexive price action in a thinly supplied market. Bitcoin, still a "fraction of the market cap of gold," now trades in an environment where gold's 40% year-to-date rally has revived the digital-gold narrative. A break of the Bitcoin-gold cross to the upside could lure capital away from bullion "simply because it’s easier to transport and censorship-resistant."

The implication is that a decisive break above the psychological $100,000 could accelerate quickly to the headline figure of $400,000 on ETF demand alone—particularly if the US administration moves ahead with initiatives such as Senator Cynthia Lummis’s proposal to buy in a budget neutral way or President Donald Trump Strategic Bitcoin Reserve.

Solana To $420

If Bitcoin is 70% core position,Solana is his high-conviction satellite. He credits the network's throughput during last month's Trump-branded meme-coin launch—"the chain did not suffer; it hummed right along"—as a proof-of-scale moment. Wallet abstractions such as Moonshot, and the migration of stable-coin flows from Ethereum, have in his view removed the UX friction that capped the last cycle.

"When the most popular person on the planet launches a meme-coin on Solana, what does that tell you? We have infrastructure ready for mass adoption."

With spot-Solana ETFs already live in Canada and US filings advancing, he projects that "given the fundamentals coupled with ETF flows… Solana's got to be at least $420," a figure he reiterated more than once.

Structural Short: ETH

By contrast, the hedge-fund book carries only one structural short: ETH, which he said is being broadly(({recognized as an interesting trade topic

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Other articles published on Jun 08, 2025