Core Insights - South Korea's Korbit Research Center predicts Bitcoin prices will range from $140,000 to $170,000 by 2026, driven by US fiscal policy reforms and structural institutional demand [1] - The report emphasizes a macro-driven approach, moving away from the traditional four-year halving cycle narrative, suggesting that Bitcoin's price will be influenced more by US productivity growth under "stronger Reaganomics" [1] Market Dynamics - The forecast identifies three key factors reshaping asset allocation: strong US dollar forecasts, potential corrections in gold prices, and the increasing institutional presence of Bitcoin through ETFs and Digital Asset Treasuries, which currently hold about 11.7% of Bitcoin's total supply as of November 2025 [2] - The One Big Beautiful Bill (OB3), enacted in July 2025, is central to the forecast, restoring 100% bonus depreciation and immediate R&D expensing, which is expected to lower effective corporate tax rates to 10-12% and stimulate capital expenditure and foreign direct investment [3] Asset Class Evolution - In a strong-dollar, disinflationary environment, gold may underperform as a yield-free asset, while Bitcoin is positioned as a sovereign-grade store of value, potentially leading to corrections in gold prices, with some analysts projecting gold at $4,000 per ounce, a 5% decrease from current levels [4] - Bitcoin's role is evolving, now seen as a sovereign-level store of value, competing with gold and the dollar in institutional portfolios, as traditional four-year cycles become less relevant due to high rates and reduced liquidity [5] Institutional Adoption - Institutional adoption of Bitcoin is on the rise, with Bitcoin ETFs experiencing strong inflows post-approval and more companies increasing their Digital Asset Treasury holdings, providing stronger price support and reduced volatility compared to previous cycles [6]