Matt Hougan, a bigwig in the Bitcoin world, says that Bitcoin doesn’t need the US dollar to crash to reach a price of $200,000. He thinks Bitcoin can get there on its own.
Two Reasons for Bitcoin’s Rise
Hougan says there are two main reasons why Bitcoin could reach such a high price:
- Bitcoin becoming a trusted store of value: Right now, Bitcoin is like a little kid compared to gold, which is worth way more. If Bitcoin grows up and becomes as popular as gold, each Bitcoin could be worth over $400,000.
- Governments messing up with their currencies: If governments keep printing more money, people might lose faith in their currencies and look for safer investments, like Bitcoin. If Bitcoin becomes a popular choice, it could be worth over $200,000.
It’s a Double Whammy
Hougan says these two reasons could work together to make Bitcoin even more valuable. If Bitcoin becomes a popular store of value and governments keep printing money, Bitcoin could easily reach seven figures.
The Dollar Doesn’t Need to Crash
Hougan says Bitcoin doesn’t need the dollar to crash to reach $200,000. All it needs is to keep growing and becoming more popular as an investment.
It’s Happening Now
Hougan thinks both of these things are happening right now, which is why Bitcoin is on the rise.
A User’s Insight
Another Bitcoin expert, Kevin Brent Cook, added that the US government’s constant spending is also pushing up the price of Bitcoin. This is because the government is creating more money, which is chasing all assets, including Bitcoin.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading at $72,445, which is a 23% increase in the last 20 days.
