Bitwise’s Chief Investment Officer, Matt Hougan, has highlighted some misconceptions about the future price of Bitcoin. According to Hougan, Bitcoin reaching $200,000 does not necessarily require a decline in the value of the US dollar. Instead, capturing a portion of the gold market may be sufficient.
Bitcoin’s Progress in the Market
Hougan noted that despite various market fluctuations, Bitcoin is supported by major global financial institutions and remains resilient. However, he believes that Bitcoin has not yet reached its full maturity. Hougan argues that media trust in Bitcoin is low, and corporate adoption rates are still limited.
He drew attention to the rapid increase in the US national debt, with the Treasury adding nearly $1 trillion in just 100 days. This situation has prompted investors to seek safe havens. According to Hougan, if the demand for value storage continues to grow, it will expand the market and create new opportunities for Bitcoin.
Most Likely Scenario: Bull Market
Hougan stated that the most likely scenario is for Bitcoin to increase its market share and for the value storage market to expand. He believes that this dual development would create significant opportunities for Bitcoin. “Bitcoin can reach $200,000 without relying on the decline of the US dollar. It can achieve this by capturing a portion of the gold market,” he explains.
Hougan also mentioned that Bitcoin currently represents approximately 7% of the value of the gold market. He suggests that if this percentage increases, Bitcoin’s value could rise significantly as well. Emphasizing Bitcoin’s potential to perform strongly and reach new highs, Hougan believes that it will continue to offer attractive opportunities for investors in the future.
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Disclaimer: The information presented in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and they should conduct their own research.