Bitwise’s Chief Investment Officer (CIO), Matt Hougan, is boldly predicting a massive Bitcoin price surge. He’s forecasting Bitcoin (BTC) to climb over 70% from its current price, potentially reaching over $200,000 by the end of 2024.
Low Supply, High Demand
Hougan’s prediction is based on a combination of factors. He points to the historically low amount of Bitcoin available on exchanges, suggesting that most sellers have already sold. Simultaneously, he sees a growing demand from institutional investors, including corporations, governments, and ETFs. This combination of dwindling supply and increasing demand, coupled with concerns about traditional financial systems, leads him to believe a significant price rally is on the horizon.
Bitcoin’s Long-Term Potential
Looking further ahead, Hougan envisions Bitcoin’s market cap eventually matching that of gold. While acknowledging that this is a long-term projection (by 2030), he believes it’s a realistic possibility given Bitcoin’s historical growth patterns. He suggests that several factors could influence this, but ultimately, he sees parity with gold as a likely outcome by the end of the decade.
Disclaimer: This is not financial advice. Investing in cryptocurrencies is risky. Always do your own research before making any investment decisions.
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