Matt Hougan, the chief investment officer (CIO) of the digital asset management firm Bitwise, is predicting that Bitcoin (BTC) will go up by more than 70 from the current level.
In a new interview on the White Crypto YouTube channel, Hougan says Bitcoin could reach a price “north of $200,000” by the end of this year.
-->According to the Bitwise CIO, demand for the crypto king is currently outstripping supply.
“If you look at the amount of Bitcoin on exchange, it’s at record multi-year lows. We think those sellers are almost exhausted. At the same time, we think the institutional demand from companies, governments, and [exchange-traded funds] ETFs is increasing.
So you have available supply decreasing and institutional demand increasing and rising concerns about the fiat system. We think that is a recipe for a significant end-of-the-year rally. So, our prediction is above $200,000.”
By 2030, Hougan says the total market cap of Bitcoin could reach parity with that of gold.
“Gold keeps going up. So that number keeps going up. I think it was like $800,000 when we made that prediction and maybe it’s $1.2 million by now. But we think parity with gold is about where we should end this cycle, which we think stretches for the rest of the decade.
There are things that could increase that, and there are things that could decrease that. But we think that’s a reasonable pattern matching from historical cyclical growth. And I know that’s a long way, but I think Bitcoin could do it.”
Bitcoin is trading at $117,110 at time of writing.
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