Bitcoin Icon Willy Woo Sells Off Most Holdings, Bets Big on Startup Infrastructure
The on-chain legend says Bitcoin is approaching its ceiling—and early-stage ventures could offer 1000x returns
Veteran Bitcoin analyst Willy Woo, once known for his bullish on-chain insights, has revealed he’s sold most of his Bitcoin holdings—but not out of doubt. Instead, he’s pivoting toward what he believes is the next great opportunity: Bitcoin infrastructure startups.
“I’ve sold most of my Bitcoin now,” Woo told Magazine in an exclusive conversation, adding that he’s chasing 100x to 1000x returns rather than the 50x ceiling he believes Bitcoin may be approaching.
Why Woo Cashed Out: Betting on the Picks, Not the Gold
Woo, co-founder of crypto quant fund Crest, sees Bitcoin’s $2 trillion market cap as a sign that future returns, while still strong, may not match the exponential growth of the past decade.
“Bitcoin might hit $100 trillion,” Woo said, “but I see better upside investing in companies that build the rails for this ecosystem.”
Startups, he argues, offer much higher potential:
“A good venture return is 100x to 1,000x—and even if it fails, many hold Bitcoin, so there’s downside protection.”
OGs Are Selling, and That Slows Bitcoin’s Climb
Woo believes Bitcoin’s slower-than-expected price surge—even after hitting new all-time highs—is due to early adopters selling systematically during every bull market.
“People who bought at under $1,000 are now selling at $100,000,” Woo said. “That’s $99,000 of new capital needed for every coin.”
But with Bitcoin now in price discovery, Woo sees the market absorbing this pressure—slowly but surely.
From Bali Meetups to Global Fame: The Woo Journey
Woo bought his first Bitcoin in 2013 and quickly became a household name in crypto. He’s credited with several influential metrics, including the NVT ratio and Supply Shock model that accurately predicted Bitcoin’s 2021 rally.
But fame had its costs.
“I stepped away for my family. At one point, people were asking me what school my daughter attended,” he said.
He now prefers to stay behind the scenes, backing projects he believes will benefit Bitcoin long term.
Woo’s Picks: Ventures, Not Treasuries
One of Woo’s standout investments is Exodus Wallet, which raised $4 million in 2016 and listed on NYSE American in 2024 with a market cap nearing $1 billion.
Another recent investment is Debifi, a Bitcoin lending platform focused on self-custody lending via multi-key escrow.
But Woo’s not sold on the current Bitcoin treasury wave.
“It reminds me of the 2017 ICO bubble. Insiders get early access, and I think many will run into trouble in the next bear cycle.”
Will Retail Drive the Next Boom? Woo Isn’t So Sure
Despite the growing number of institutional buyers like Michael Saylor, Woo questions whether retail has the liquidity to push Bitcoin dramatically higher.
“Retail doesn’t have the billions per day needed to move this,” he said. “We might not get that kind of FOMO surge people expect.”
The $1 Million Bitcoin: Woo’s Long-Term Forecast
Asked whether Bitcoin could hit $1 million, Woo said that in inflation-adjusted terms, this is a conservative estimate.
Share This“$1 million is the pessimistic lower bound over the next 10 to 20 years,” Woo said. “More likely, it’ll be between $1 million and $10 million in today’s dollars.”
