Top Strategist at $1,300,000,000 Crypto Fund Says Bitcoin (BTC) Could Explode Over 2,200% – Here’s His Timeline
The chief investment officer of crypto-asset manager Bitwise Investments unveils his massive price target for Bitcoin (BTC) despite the ongoing bear market.
In a new Stansberry Research interview, Bitwise CEO Matt Hougan says Bitcoin could rise by over 2,273% from today’s price of $21,062 as he believes BTC will approach gold’s market cap of more than $11 trillion.
“I think it’s perfectly rational to think that Bitcoin could trade at half a million dollars over time. The way I picked that number out of a hat is that if Bitcoin had as much wealth as gold, it would be about half a million dollars per Bitcoin.”
Hougan says he sees Bitcoin’s market cap rising to greater heights as BTC surpasses gold as a store of value.
“If you think out five or ten years, can Bitcoin be as big a store of wealth as gold? I think the answer is yes. And that leads to half a million dollars per Bitcoin. Are we getting there? I do not know. But I think it’s certainly within the realm of possibility.”
The top investment strategist at Bitwise says Bitcoin is currently in an “appreciation phase” similar to what gold went through in the early 1970s right after the US government ended the gold standard – a monetary system in which the US dollar was convertible into a fixed amount of gold .
“[Bitcoin] is the new digital gold. It’s better than gold and everything gold tries to do. You can move it faster, it’s harder to fake, it’s easier to store [and] it is harder to fake. It’s the new gold…
If I’m right that people will think about it [Bitcoin] long-term as a legitimate way to store wealth, it goes through the same appreciation phase [as gold]. This is when you want to own stores of value – when the world finds out that they are valuable, when they are new stores of value. And that’s where Bitcoin is.
That is why it has been the most effective asset in the world for the last 10 years and I think it has great potential in the future because very few people still own it.”
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