CIO of a Giant Investment Company Reveals His Prediction for the Level of Bitcoin Price in the Near Future
Matt Hougan, Chief Investment Officer at Bitwise, believes that Bitcoin’s price could skyrocket to $100,000 or even $200,000 in the near future due to high demand and limited supply.
Hougan explained in a recent interview that Bitcoin’s meteoric rise of up to 50% this year alone is due to the intense interest in new spot Bitcoin ETFs.
“There’s simply too much demand and not enough supply,” Hougan said. The launch of Bitcoin ETFs has been a major driver of this trend, he said. “This is Bitcoin’s IPO moment. We’re in a period of new price discovery, and prices could go significantly higher from here on out,” he said.
With Bitcoin trading near an all-time high of $62,000, Hougan noted that demand for Bitcoin ETFs has increased across multiple investor categories, including retail investors, hedge funds and independent financial advisors. However, he expects institutional interest to accelerate further in the coming months.
“After this interview, I will be flying out to meet with one of the top institutional advisors in the U.S. about our ETF,” Hougan said, adding that a wave of institutional capital could push prices even higher.
Hougan attributed Bitcoin’s price increase to a sharp imbalance between supply and demand. He cited data showing that around 30,000 Bitcoins were purchased by ETFs in a week, while BTC miners produced less than 3,000 new coins in the same period. He also pointed to the upcoming BTC halving event, which he said would further reduce the coin’s supply and put additional upward pressure on prices.
“When you think about Bitcoin right now, it’s just about supply and demand. The dynamics are unconventional,” Hougan explained.
Looking ahead, Hougan suggested that Bitcoin could even surpass $200,000 if these conditions persist, and he expects innovation in the ETF space to continue. Bitwise is also looking for new opportunities in cryptocurrency ETFs, with plans to potentially launch an Ethereum ETF by the end of the year.
*This is not investment advice.
