Matt Hougan, Bitwise’s Chief Investment Officer, has claimed that the flagship cryptocurrency, Bitcoin, could hit a six-figure price valuation that could add more steam to the Bitcoin bullish thesis that has been building in the crypto community recently.
According to Hougan, Bitcoin is the only crypto asset to surpass the $100,000 per coin mark due to a combination of institutional, macroeconomic and on-chain factors.
The Bitwise CIO shared why he claimed that
“We are heading to 6-digit Bitcoin. * ETF Flows Cause Reaction * Approaching Elections * Infinite Flaws (Baypartaine Agreement!) * Economic Stimulus in China * Global Rate Cuts (Fed, ECB) * Halving Supply Shock Starting to Take a Bite * Whales Accumulating”Matt Hougan tweeted
Matt Hougan agrees with QCP Capital and other analysts that the upcoming US election has something to do with Bitcoin’s imminent price surge. Donald Trump is a huge win for the crypto industry, a pro-Bitcoin candidate leading all betting platforms, and yet another reason to believe Bitcoin will surpass $100,000.
Other factors raised by Hougan include Bitcoin whales doubling down for Bitcoin investors, and whale activity is an indicator of confidence in the asset’s long-term growth.
Bloomberg’s senior ETF analyst and ETF expert Eric Balchunas added to this argument by revealing the crazy numbers Bitcoin ETFs are doing in the US. He said the U.S. Spot Bitcoin ETF has surpassed $20 billion in net flows, and the U.S. Bitcoin ETF complex as a whole has gained more than $1.5 billion in assets from management following $1.5 billion in inflows this week.
Eric compared Bitcoin’s ETF performance to that of Gold, reminding his followers that it took Gold ETFs several years to achieve these numbers.
“The Bitcoin ETF has surpassed $20B in total net flows (the most important number, the most difficult metric in the ETF world). For context, it took gold ETFs about five years to reach the same number. Currently, total assets are at a record high of $65 billion.” Eric tweeted.
Eric Balchunas of Bloomberg and James Seyffart is considered the most authoritative voice in the market regarding exchange funds for various assets.
What you need to know: Bitcoin is currently trading at $68,217, which means it has $31,785 left to reach $100,000. Crypto founder Ki Young Ju said Bitcoin’s public interest has hit an all-time high and new whale wallets now control 9.3% of the total supply.
