The chief investment officer of the crypto asset management firm Bitwise says that aggressive demand for Bitcoin (BTC) could boost the crypto king’s price much higher by the end of the year.
In a new interview with CNBC Television, Bitwise CIO Matt Hougan says that blue-chip institutions having increasing demand for BTC mixed with its limited supply could push the value of Bitcoin by about 70% from current prices.
“There’s unrelenting demand from corporations and institutional investors, and that’s colliding with severely limited supply. You know the Bitcoin network only produces 450 Bitcoin per day. Yesterday alone, Bitcoin ETFs (exchange-traded funds) bought 10,000 Bitcoin.
This institutional investment into Bitcoin is a one-time event. It’s going to take years to play out. But I think over the course of those years, there’s going to be this persistent bid where there’s more demand than there is supply. And the natural response to that is what we’re seeing in the market, which is Bitcoin’s price goes higher.
I think it has a long way to go. I think it could end the year closer to $200,000. So I would get used to this story of new all-time highs.”
Hougan adds that interest in Bitcoin’s use cases is growing, particularly amid rising geopolitical uncertainty.
“Bitcoin provides a service which is the ability to store wealth in a digital format without relying on a bank. The vibes are definitely part of it. Vibes influence stocks. They influence bonds, but the underlying driver for the rise is more people want this service that Bitcoin provides.
In this uncertain world, where there are tariffs and geopolitical tensions, people want to be able to own their wealth in a digital format.”
Bitcoin is trading for $117,470 at time of writing, a marginal decrease on the day.
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Author: Daily Hodl Staff
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