Bitcoin doesn’t require a U.S. dollar crash to become a six-figure asset class, Bitwise CIO Matt Hougan opined on X.

Bitcoin (BTC) has often been hailed as a hedge against the dollar’s declining purchasing power and as a potential beneficiary of a massive fiat implosion.

Some proponents have suggested that Bitcoin needs a dollar collapse to reach $200,000 per BTC and beyond. However, Hougan argued that this assumption is incorrect for two main reasons: growing demand for store-of-value assets and persistent government spending.

According to the Bitwise executive, these factors reinforce investor conviction when they invest in Bitcoin. Hougan further argued that store-of-value markets have gained momentum due to “governments abusing their currencies.”

For instance, U.S. spending has accelerated in recent years, and the country’s debt has surpassed $35 trillion. Analysts estimate the national debt grows by about $1 trillion every 100 days at its current pace.

Additionally, Unlimited Funds CIO Bob Elliott cited data indicating that “developed world sovereign debt,” such as U.S. Treasuries, may no longer effectively serve as bailout mechanisms, potentially supporting a pro-Bitcoin outlook.

Go to Source to See Full Article
Author: Naga Avan-Nomayo