Bitwise predicts possible rise in the bitcoin rate to $500 000

What’s new? Matt Hougan, chief investment officer at Bitwise Asset Management, said that the bitcoin rate could rise to $500 000. In his view, BTC will approach the market capitalization of gold, which exceeds $11 trillion. Hougan also believes that the figure will grow faster and faster, as bitcoin, in his opinion, is superior to gold as a store of value. As of August 20, 11:20 UTC, BTC is trading at $21 235, down by 1,18% in 24 hours, according to cryptocurrency exchange Binance. The first cryptocurrency has a total market capitalization of $406,1 billion.

Stansberry Research’s interview

What else did Hougan say? According to Bitwise’s top investment strategist, bitcoin is currently in a growth phase similar to the one gold went through in the early 1970s. The latter was due to the abolition of the gold standard by the US government.

Hougan called bitcoin the new digital gold. According to him, the first cryptocurrency is superior to precious metal because it is harder to falsify, and easier to store and move.

Hoгgan also said that bitcoin has been the most profitable asset in the world over the past 10 years, and according to the expert, it has huge potential in the future, as still very few people own BTC.

Matt Hougan is chairman of Inside ETFs, an ETF (exchange-traded funds) education company, and an advisor to many startups. Prior to joining Bitwise, he was CEO of Inside ETFs and previously CEO of ETF.com. Hougan is the co-author of the CFA Institute’s monograph on exchange-traded funds.

Bitwise, a crypto investment company, is based in San Francisco. The CEO is Hunter Horsley. The company is known for managing the world’s largest crypto index fund (OTCQX: BITW) and pioneering products covering bitcoin, Ethereum, DeFi, and crypto-focused equity indexes. As of the end of 2021, Bitwise had more than $1,3 billion in assets under management.

Earlier, Anthony Scaramucci, head of investment firm SkyBridge Capital, opined that the launch of a spot bitcoin trust by investment firm BlackRock would contribute to a sharp jump in demand for the first cryptocurrency and lead to an increase in the price of the asset. According to Scaramucci, BTC will reach the $300 000 mark within a few years. He also noted a revival of investors’ interest in the crypto market.