Bitcoin Price Could Hit $250,000 'Sooner' Than Expected, Says Bitwise CEO

by Axel Orn

The executive government of Bitwise Asset Management expects the charge of bitcoin to hit $250,000 earlier than most folks would take into consideration. Moreover, he believes that bitcoin is going to employ into gold’s entire addressable market “sooner than folks save a matter to.” He opined: “Bitcoin ETFs were bitcoin’s IPO 2d. It’s now accessible to any investor with the clicking on of a button. The market has 10xed.”

Bitwise’s CEO Anticipates $250K Bitcoin

Hunter Horsley, CEO of Bitwise Asset Management, shared his outlook on bitcoin because the cryptocurrency’s stamp surged to $64K on Wednesday. As well, space bitcoin alternate-traded funds (ETFs) are having file days this week.

“Bitcoin has been around for 15 years. It’s going to rush now, no longer slack down. With bitcoin ETFs, the final tonnage of U.S. capital markets can with out problems invest for the first time. The market has grown massively. There usually are no longer any recent aspects to no longer sleep for. Label discovery is underway. It’ll saunter fleet,” the federal government confused out.

In any other X post, he emphasized: “Bitcoin is going to employ into gold’s TAM [total addressable market] sooner than folks save a matter to.” The Bitwise CEO added:

$250k bitcoin may perhaps perhaps presumably happen remarkable earlier than most who’ve followed the house for years would take into consideration.

“Why? For 15 years, bitcoin proved its deserves however used to be completely accessible to some. Bitcoin ETFs were bitcoin’s IPO 2d. It’s now accessible to any investor with the clicking on of a button. The market has 10xed,” he opined.

Whereas the federal government did no longer specify the timeframe for when he expects BTC’s stamp to reach the $250K level, Bitwise launched its 10 crypto predictions for 2024 in December, exhibiting that the company expects BTC to commerce above $80K and space a brand recent all-time high this yr. Moreover, the asset supervisor acknowledged: “Within five years, we estimate space bitcoin ETFs may perhaps perhaps presumably seize 1% of the $7.2 trillion U.S. ETF market, or $72 billion” in sources below administration.

Bitwise Bitcoin Fund (BITB) used to be amongst the 11 space bitcoin ETFs greenlighted by the U.S. Securities and Replace Rate (SEC) on Jan. 10. The fund began purchasing and selling the following day alongside with 9 diverse space bitcoin ETFs. Earlier this week, Carson Group permitted four space bitcoin ETFs on its platform, including BITB.

Many folks fraction a bullish outlook for bitcoin. This week, feeble trader Peter Brandt raised his BTC stamp target to $200K for the hot bull market cycle. Pantera Capital foresees a “sturdy” crypto bull market over the following 18-24 months. Fundstrat’s Tom Lee anticipates bitcoin hitting $150K this yr. Within the meantime, project capitalist Tim Draper currently doubled down on his bitcoin stamp prediction of $250K this yr. As well, Cathie Wood’s Ark Invest believes that BTC may perhaps perhaps presumably reach $1.5 million by 2030.

When operate you mediate the charge of bitcoin will hit $250K? Enable us to know in the feedback portion below.

Related Posts