The chief investment officer of Bitwise, a crypto asset management firm, predicts that strong demand for Bitcoin (BTC) could significantly increase the price of the cryptocurrency by the end of the year.
During an interview with CNBC Television, Matt Hougan, the CIO of Bitwise, stated that the growing interest in BTC from blue-chip institutions, coupled with its limited supply, could potentially drive the value of Bitcoin up by approximately 70% from its current levels.
“There is a continuous demand from corporations and institutional investors, which is met with a limited supply. The Bitcoin network only produces 450 Bitcoin per day, while Bitcoin ETFs purchased 10,000 Bitcoin just yesterday.
This institutional investment in Bitcoin is a unique occurrence that will unfold over the years. However, I believe that throughout this period, there will be a persistent demand exceeding supply, leading to the upward trajectory of Bitcoin’s price.
I anticipate that Bitcoin could reach closer to $200,000 by the end of the year. So, we should expect to see new all-time highs in the near future.”
Hougan also highlighted the increasing interest in Bitcoin’s utility amid growing geopolitical uncertainties.
“Bitcoin offers a unique service by allowing individuals to store wealth in a digital form without relying on traditional banks. While external factors play a role, the fundamental driver behind Bitcoin’s rise is the growing demand for the services it provides.
In today’s uncertain world, with tariffs and geopolitical tensions, people seek the ability to retain their wealth in a digital format.”
At the time of writing, Bitcoin is trading at $117,470, with a slight decrease for the day.
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