Diversification beyond traditional assets and the role of alternative investments by pension funds in Africa.

Bitcoin’s Structural Rotation Signals Potential for Historic Price Revaluation

18 July 2025

Bitcoin appears to be undergoing a significant structural transformation - one that may set the stage for a generational price revaluation. Market dynamics suggest that a full rotation of ownership is nearing completion, with long-term holders (many of whom exited near the $100,000 level) being replaced by institutional investors, ETFs, and corporate treasuries. This shift in market participants is not only rare but historically precedes substantial price appreciation.

A useful historical analogue is Dogecoin’s unexpected ascent between 2019 and 2021. Initially dismissed as a novelty, Dogecoin surged over 200x following a combination of celebrity endorsement and viral retail enthusiasm. While seasoned traders exited early, new retail participants - unburdened by historical price ceilings - continued accumulating. Once legacy holders were fully rotated out, the asset experienced exponential growth.

Bitcoin now finds itself in a similar position, albeit on a much larger scale. The new market participants - BlackRock’s IBIT ETF, MicroStrategy, and potentially sovereign entities - are not constrained by legacy price anchors. For them, Bitcoin is not “expensive” at $100,000; it is under-allocated. These entities are deploying capital based on macroeconomic theses and treasury strategies, not short-term price action.

Meanwhile, many crypto-native investors remain skeptical. Their familiarity with Bitcoin’s historical volatility and cyclical behavior has led them to underestimate the implications of institutional adoption. As a result, many have exited prematurely, unaware that the current consolidation may simply be the prelude to a much larger move.

The implications for investors are profound:

Strategic Accumulation: Acquiring even a single Bitcoin may become increasingly difficult as institutional demand accelerates. Investors with the means to do so should consider strategic accumulation.
Momentum Allocation: Continued dollar-cost averaging into Bitcoin aligns with the behavior of institutional players who are steadily increasing exposure.
Reduced Supply Elasticity: With legacy holders largely exited, the available float is tightening. This reduces the likelihood of significant pullbacks.

Bitcoin is increasingly being viewed not just as a speculative asset, but as a macroeconomic hedge and a long-term store of value. The current market structure suggests that the asset is entering a new phase - one driven by institutional capital, broader adoption, and a fundamentally different investor base.

If historical patterns hold, the next leg of this cycle could be both swift and substantial. Investors would be well-served to reassess their exposure before broader market recognition sets in.

by Nathaniel Tsang Mang Kin

Chief Operating Officer at Stewards Investment Capital

Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or professional advice. Readers are encouraged to conduct their own research and consult with a licensed financial advisor before making any investment decisions. The mention of specific companies or financial instruments does not imply endorsement or a recommendation to buy or sell. Investments in digital, including Bitcoin, carry inherent risks and may not be suitable for all investors.

About Stewards Investment Capital

Stewards Investment Capital is a boutique investment advisory firm with a track record of over 25 years under the Stewards Group of Financial Companies. Strategically positioned in Mauritius, South Africa, and the USA, we tailor niche investment solutions to high-net-worth individuals and institutional investors.

Guided by a high-alpha approach and fuelled by a passion to be a catalyst for growth, our commitment to our investors is rooted in our mission to grow and nurture their wealth, building lasting fortunes and creating enduring legacies to achieve real freedom. This endeavour is powered by our team of passionate investment professionals, each contributing decades of experience and expertise to our firm.

For further information about Stewards Investment Capital, please visit stewardsinvestment.com/

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Suneeta Motala
Chief Marketing Officer
Forbes Communication Council Member

Email: suneetamotala@stewards.global, thestewards@stewards.global

T: (+230) 466 7533

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