Why did Billionaire Hedge Fund Manager Philippe Laffont, founder of Coatue Management, finally include Bitcoin in his "Fantastic 40" list of top investment opportunities?

Billionaire Hedge Fund Manager Philippe Laffont, founder of Coatue Management, finally included Bitcoin in his "Fantastic 40" list of top investment opportunities for several reasons:

1. **Potential for Market Cap Growth**: Laffont believes that Bitcoin's market value could soar to $5 trillion, which would more than double its current market cap of $2.1 trillion. This growth is attributed to the cryptocurrency's increasing acceptance and smoother price swings.
2. **Comparison to Traditional Assets**: Laffont thinks that Bitcoin's current valuation relative to the rest of the world assets is too low. He believes that Bitcoin could represent 1%-2% of the world's total assets, which is a more reasonable percentage compared to the Nasdaq 100's decline.
3. **Reducing Volatility**: Laffont mentions that Bitcoin's volatility as an asset class is coming down, making it feel more like traditional assets such as the Nasdaq. This reduction in volatility is a significant factor in his decision to include Bitcoin in his investment list.
4. **De-Dollarization Trend**: Bitcoin could benefit from the trend of de-dollarization and the end of US exceptionalism. Global investors are showing signs of being less willing to park their wealth in US assets after this year's sell-off. Bitcoin, as a decentralized digital asset, could be seen as a hedge against concerns around de-dollarization.
5. **Admitting Past Mistake**: Laffont admits to having brushed off Bitcoin as an attractive investment initially but now wishes he had bought it sooner. He has included Bitcoin in his "Fantastic 40" list, which includes investments he sees as major winners through 2030, alongside tech giants like Microsoft, Nvidia, Amazon, and Meta.

In conclusion, Laffont's decision to include Bitcoin in his "Fantastic 40" list is driven by its potential for market cap growth, its becoming more comparable to traditional assets in terms of valuation and volatility, the trend of de-dollarization, and his own admission of a past mistake in not investing in Bitcoin earlier. These factors combined have led him to revise his outlook on Bitcoin and consider it a viable asset class for his investment strategy.