I was reading an interesting analysis from the CEO of Keyrock, and he has a point that makes sense. Bitcoin is around $78.9k now, but he argues that it is undervalued considering the real macroeconomic dynamics. Like, it dropped about 9.7% in the last year, but if you think about the structural fundamentals happening, it seems the market is pricing Bitcoin as a pure risk asset, when in fact there’s much more going on behind the scenes.

What caught my attention is this view that 2026 is a transition year. Patoul talks about two parallel worlds: the crypto-native one we know and the growing digitization of traditional finance. Stablecoins, tokenized assets, all of this is being built, but the utility is still in development. It’s not hype; it’s infrastructure being assembled.

He notes that institutional adoption is advancing, but capital flows seem more tactical than ideological. Like, it’s not that bubble enthusiasm; it’s traditional capital testing the waters. And here’s the detail: Bitcoin remains undervalued if you consider that this traditional capital is still in the early stages of migration.

The most interesting point is the projection for 2027 and 2028. De Patoul believes these will be decisive years when traditional capital markets start to truly migrate to blockchain. If that happens, previous crypto market peaks could easily be surpassed. Keyrock is positioned as a bridge between these two worlds, trying to make digital assets useful at scale.

It makes sense when you put it all together: Bitcoin undervalued today, structural transition in 2026, potential explosion in 2027-2028. Of course, nothing is guaranteed, but the narrative is there for those who want to see. It’s worth watching how this institutional migration evolves in the coming months.