Keyrock CEO says Bitcoin undervalued as 2026 marks structural transition for digital assets

Bitcoin is trading below its fair value given current macro conditions and industry progress, Keyrock CEO Kevin de Patoul said, noting the asset is down about 18% year-to-date after hitting an all-time high near $125,000 in early October last year. He argues investors still treat bitcoin as a risk-on asset, with capital flows over the past 18 months appearing tactical rather than long-term, and sees 2026 as a transition year in which speculative crypto-native cycles fade while tokenization, stablecoins and institutional infrastructure advance. From Keyrock's work with banks, asset managers and exchanges, de Patoul expects the real inflection in 2027 and 2028 as regulatory clarity improves, with even a small portion of traditional capital markets migrating onchain potentially making RWAs as large as the entire crypto market of previous cycles.