The CEO of Bitwise Asset Management anticipates that the bitcoin price will reach $250,000 sooner than commonly anticipated. Additionally, he asserts that bitcoin will encroach upon gold’s total addressable market at a pace faster than anticipated. He expressed his opinion, stating, “Bitcoin ETFs marked bitcoin’s IPO moment. It is now accessible to any investor with the click of a button. The market has multiplied tenfold.”
The CEO of Bitwise foresees Bitcoin reaching $250,000.
Hunter Horsley, CEO of Bitwise Asset Management, shared his perspective on Bitcoin as its price surged to $64,000 on Wednesday. Additionally, spot Bitcoin exchange-traded funds (ETFs) are experiencing record-breaking days this week.
“Bitcoin has been around for 15 years. It’s poised to accelerate now, not decelerate. With Bitcoin ETFs, the entire tonnage of U.S. capital markets can easily invest for the first time. The market has expanded massively. There are no new features to wait for. Price discovery is underway. It can move quickly,” the executive emphasized.
In a separate communication, he underscored: “Bitcoin is going to encroach upon gold’s total addressable market (TAM) faster than people expect.” The Bitwise CEO added:
“Why? For 15 years, Bitcoin demonstrated its worth but was limited in accessibility. Bitcoin ETFs marked Bitcoin’s IPO moment. It’s now accessible to any investor with the click of a button. The market has multiplied tenfold,” he expressed.
While the executive did not specify the timeframe for the expected ascent of BTC’s price to the $250,000 level, Bitwise unveiled its 10 crypto predictions for 2024 in December. The predictions indicate the firm’s anticipation for BTC to trade above $80,000 and set a new all-time high this year. Furthermore, the asset manager stated, “Within five years, we estimate spot Bitcoin ETFs could capture 1% of the $7.2 trillion U.S. ETF market, or $72 billion in assets under management.”
The Bitwise Bitcoin Fund (BITB) was among the 11 spot Bitcoin ETFs approved by the U.S. Securities and Exchange Commission (SEC) on January 10. Trading commenced the following day alongside nine other spot Bitcoin ETFs. Earlier this week, Carson Group approved four spot Bitcoin ETFs on its platform, including BITB.
A positive sentiment towards Bitcoin is shared by various experts. This week, veteran trader Peter Brandt increased his BTC price target to $200,000 for the current bull market cycle. Pantera Capital envisions a “strong” crypto bull market over the next 18-24 months. Fundstrat’s Tom Lee expects Bitcoin to hit $150,000 this year. Venture capitalist Tim Draper reiterated his Bitcoin price prediction of $250,000 this year. Additionally, Cathie Wood’s Ark Invest believes BTC could reach $1.5 million by 2030.