TD Cowen Analyst Makes Bullish Bitcoin Case: ‘Stronger, Cheaper Than Ever’

In Brief

• Analyst says Bitcoin fundamentals stronger than ever.
• BTC looks undervalued despite volatility.
• Institutions remain the key catalyst.

A TD Cowen analyst has delivered a strongly bullish take on Bitcoin (BTC), arguing that the asset’s fundamentals have never been stronger despite recent price volatility. The comments come as institutional investors continue debating Bitcoin’s long-term role in global finance.

Analyst Makes Bold Bitcoin Case

Speaking during a panel discussion at the Bitcoin for Corporations conference at Strategy World 2026 in Las Vegas, Lance Vitanza, managing director and senior equity research analyst at TD Cowen, argued that Bitcoin’s underlying value proposition has strengthened significantly in recent years. As he explained:

“If we were starting with a blank sheet of paper, the world would be better off if we had adopted Bitcoin as the global reserve currency rather than a fiat currency.”

The analyst pointed to regulatory progress and institutional adoption as key drivers behind his stance. He highlighted developments such as improved accounting treatment, regulatory clarity, and broader acceptance of Bitcoin as an investable asset.

According to Vitanza, these shifts have fundamentally changed the asset’s outlook compared to earlier cycles.

Bitcoin Vs Gold Narrative Resurfaces

The comments also revived a familiar narrative comparing Bitcoin with gold as a store of value. The analyst suggested Bitcoin’s fundamentals now appear more compelling relative to traditional safe havens. In his words:

“When I compare the price relative to the fundamentals relative to Bitcoin versus, let’s say gold, the other sort of store of value, (…) Bitcoin has never looked more attractive. It’s never looked cheaper to me.”

He added that recent drawdowns should be viewed in context, noting that Bitcoin historically experiences large corrections even during long-term uptrends.

Other panelists echoed the idea that the current downturn resembles prior cyclical corrections rather than a structural shift in adoption. Senior equity research analyst at Benchmark-StoneX Mark Palmer described the move as a “garden variety downturn” driven largely by macro conditions rather than weakening fundamentals.

Institutional Adoption Still Key

Despite short-term volatility, speakers emphasized growing institutional participation as a defining trend for Bitcoin’s future. Increased corporate treasury adoption, broader retail access, and improving regulatory clarity were cited as long-term catalysts.

The discussion also touched on Bitcoin’s evolving role in capital markets, with analysts pointing to new financial instruments and treasury strategies built around the asset.

Taken together, the remarks highlight a widening divide between short-term price action and long-term narratives. Though Bitcoin continues to face volatility, some Wall Street analysts argue that the asset’s structural case has never been stronger, fueling ongoing debate about its role in the global financial system.