Oh, darling, Matt Hougan, the chief investment officer (CIO) of that rather swanky crypto asset management firm, Bitwise, is chirping about a little something that might just give Bitcoin (BTC) a jolly good boost. Apparently, it’s all frightfully bullish, you see. 😉
In a new interview on the Unchained podcast – terribly modern, these podcasts – Hougan declares, with the sort of confidence that only comes from playing with digital money, that demand for Bitcoin is simply outstripping supply. The horror! This, he posits, will rather dramatically propel the crypto king’s price to a dizzying $200,000. A mere 139% gain from the current level. How utterly pedestrian if it doesn’t! 🙄
“New supply of Bitcoin is 165,000 Bitcoin. Last year exchange-traded funds (ETFs) bought half a million Bitcoin, corporations bought 350,000 Bitcoin…”
“…So there is much more sort of structural demand for Bitcoin than there is new supply. And what that means is existing holders have to sell. We saw existing holders sell at $72,000 from March to November before we ripped up to $100,000.
The reason I say $200,000 and not like $162,351 is because I think that’s the next level at which existing holders will be willing to sell. Because they’re behaviorally-driven humans and it’s a nice round number.
So I think once the macro market levels out, this fundamental demand-supply mismatch will force Bitcoin up and up and up till we shake Bitcoin loose from existing holders. Maybe they’ll shake it loose at $150,000. But I’m not sure. I think it could get all the way up to $200,000 by the end of this year.”
On the subject of where this insatiable demand will originate, the Bitwise CIO shares his wisdom,
“I think governments will buy hundreds of thousands of Bitcoin over the next year. I think corporations, which bought 350,000 Bitcoin last year… …I think they will buy more Bitcoin this year than they bought last year. And I think hundreds of companies will do it.
And then I think institutional investors are recognizing that Bitcoin is now part of the global capital markets. And if you’re not at 1% Bitcoin, you’re effectively short against the global capital market benchmark. And so I think there are hundreds of billions of dollars of investment that need to come into Bitcoin just to level up to flat.”
Bitcoin is currently fluttering around $83,755 at the moment of writing. One can only hope it behaves itself. 😇
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2025-04-17 10:21