Despite the recent bear market, the chief investment officer of crypto asset management Bitwise Investments is announcing a big price objective for Bitcoin (BTC).
Matt Hougan, a Bitwise executive, said in a recent interview with Stansberry Research that Bitcoin’s price might increase by over 2,273% from its present level of $21,062 and approach gold’s market value of over $11 trillion.
“I feel it is realistic to expect that Bitcoin may sell for 500,000 dollars in the future. If Bitcoin had the same amount of value as gold, it would be worth around $500,000 per Bitcoin.
“In five or 10 years, might Bitcoin be as significant a store of wealth as gold? I believe the answer to be yes. And this results in a Bitcoin price of half a million dollars. Will we make it? I’m not sure. However, I believe that’s within the scope of possibilities.”
Bitcoin is through an “appreciation phase,” according to the leading financial strategist of Bitwise, comparable to gold in the early 1970s when the US government terminated the gold standard – a monetary system in which the US dollar was convertible into a set quantity of gold.
If I am correct that people will see Bitcoin as a respectable method to keep money in the long run, it is through a similar appreciation phase as gold. When the world is beginning to realise that they are valuable, when they are developing stores of value, now is the time to acquire stores of value. And there Bitcoin can be found.
This is why it has been the top performing asset in the world over the last decade, and I believe it has enormous future potential since so few people possess it.”