LATEST: Bitwise CIO Says Bitcoin Hitting $100,000 by Year-End

Matt Hougan, Chief Investment Officer at Bitwise, has a positive outlook for Bitcoin despite recent market dips, predicting a surge to $100,000 by 2024. Despite the challenges posed by large-scale bitcoin distributions from defunct exchanges and government sales, Hougan emphasizes that these are temporary setbacks. He highlights a rebound fueled by the U.S. spot bitcoin ETFs drawing over $15 billion since their inception, marking a historic launch, and anticipates further inflows as more financial platforms adopt these ETFs.

Moreover, Hougan points to significant developments boosting investor confidence in crypto. The Bitcoin halving event has notably decreased daily bitcoin supply, which historically precedes price increases. Additionally, the shifting political landscape and anticipated Fed rate cuts suggest a more favorable environment for crypto growth.

Encouragingly, upcoming Ethereum ETFs and strong institutional interest, including initiatives from major players like BlackRock, underscore the broader acceptance and potential of cryptocurrencies. Hougan’s forecast is based on a blend of strategic inflows, regulatory advancements, and macroeconomic factors, setting the stage for a robust second half of 2024.

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