Bitwise CIO Predicts Bitcoin Surge to $100,000 Despite Current Price DipBitcoin could reach $100,000 by the end of the year, according to Bitwise’s Chief Investment Officer Matt Hougan. Despite bitcoin currently trading under $60,000 at $57,800, Hougan sees significant potential for long-term investors.Market Pullback a Gift for Investors, Claims Bitwise CIOBitcoin’s recent market pullback presents a unique opportunity for long-term investors, says Matt Hougan, the Chief Investment Officer of Bitwise. In a recent note, Hougan highlighted several key factors that could drive the cryptocurrency’s value to $100,000 by year-end. These factors include extraordinary inflows into spot bitcoin exchange-traded products (ETPs), the impact of the recent bitcoin halving, and an anticipated listing of spot ethereum ETPs by the Securities and Exchange Commission (SEC).
Hougan noted that since their launch, spot bitcoin ETPs have amassed $15 billion in net new assets, and he expects this number to grow significantly once these ETPs are approved for use by major wealth management platforms like Morgan Stanley and Wells Fargo. He also pointed out that the recent bitcoin halving, which reduced the new supply of bitcoin by 50%, has historically led to significant price increases in the subsequent year. Additionally, the expected approval of spot ethereum ETPs could attract substantial investments, further boosting the market.
However, the current price of bitcoin remains suppressed due to several short-term liquidity shocks, according to Hougan. He cited the distribution of over $8 billion in bitcoin by Mt Gox to its creditors, the potential sale of $12 billion in bitcoin by the U.S. government from its Silk Road seizures, and the German government’s bitcoin sales from past seizures. Despite these pressures, Hougan remains optimistic, emphasizing that these are one-off events that will eventually pass, allowing the underlying positive trends to drive the market upwards.
Hougan believes that the combination of favorable regulatory changes, institutional adoption, and the intrinsic benefits of bitcoin will overcome the current market headwinds. He advises long-term investors to view the present market conditions as a strategic entry point, reinforcing his conviction that bitcoin’s long-term prospects remain exceptionally strong.
Source: https://news.bitcoin.com/bitwise-cio-predicts-bitcoin-surge-to-100000-despite-current-price-dip/
