Bitcoin’s remarkable comeback has renewed the confidence to the whole market. Bitwise’s Matt Hougan is bullish on Bitcoin, he says as Bitcoin settles into the financial world it still has a long way to go, Bitcoin prediction of $500,000 is the milestone that will show true maturity and $1 million is “absolutely” achievable.
Bitwise’s Targets for Bitcoin
Chief Investment Officer at Bitwise, Matt Hougan says that despite 100% growth so far, he thinks Bitcoin is only halfway done. He says “It’s no longer the first inning. But until Bitcoin hits $500K it’s still early.” He talks about Bitcoin’s price actions and acknowledges possible short term price fluctuations. But his comments and Bitcoin prediction seem to suggest Bitcoin has a long way to go.
“The market may pull back by the time we publish — it’s come so far, so fast — but $100,000 feels like it could be right around the corner,” Hougan opined, telling investors to consider Bitcoin’s future upside.
Why $500,000 is the “Maturity Threshold” for Bitcoin
Hougan says $500,000 is the point where Bitcoin becomes mature, he explains and adds that this would be parity with gold in the store-of-value market. He says, “In my view, $500K per coin is the correct demarcation between early and late, for a very simple reason: It’s the point where Bitcoin would be ‘mature’”.
This goes in line with his comparison of gold and Bitcoin as parallel assets in the store-of-value market, today gold is valued at $18 trillion and Bitcoin at $2 trillion.
Hougan says, “Today gold is an $18 trillion market, and Bitcoin is roughly $2 trillion. That puts the store-of-value market at roughly $20 trillion. A mature Bitcoin would at a minimum share this market equally with gold.”
The Path to a $1 Million Bitcoin
Beyond the Bitcoin prediction of $500,000, he says he’s confident Bitcoin can go over and above, and that, and it wouldn’t be crazy to hope for $1 million per Bitcoin.
He adds that Bitcoin maturity might even capture some of gold’s market share and increase the pie of the store-of-value market as governments take on more debt and print more currency.
He concludes “Could we see $1 million Bitcoin? Higher? Absolutely. But $500K feels like a good start.” This sums up Hougan’s view that Bitcoin will change the face of global finance as institutions and governments get more and more interested.
The potential of Bitcoin in Changing Faces of Global Finance
Hougan’s shared optimistic Bitcoin price prediction emphasizes how Bitcoin could be a stable asset in the global economy.
According to industry experts, the fact that institutions and governments are very interested in cryptocurrencies means there are hopes of it being a legitimacy factor. As this continuous landscape unfolds, digital assets are set to gain appeal from the current situation as the economic shifts happen.
Bitcoin hitting $500,000 is more than just a price target, Hougan says. It’s a whole new financial system.
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