Bitwise CIO Says $100K Bitcoin a Difficult Prediction to Make, Calls Ethereum the ‘Asset of the Year’

Bitwise CIO Says $100K Bitcoin a Difficult Prediction to Make, Calls Ethereum the 'Asset of the Year'

While there’s been an terrible lot of requires bitcoin to succeed in six-digits in worth in 2021, as the tip of the yr attracts nearer, it doesn’t seem to be $100K per bitcoin will occur. Bitwise Asset Management’s chief funding officer Matt Hougan instructed the press on Monday that “$100,000 by the tip of the yr is a troublesome prediction to make.”

$100K Bitcoin Prices May Be Unattainable in 2021 Bitwise Exec Says Next Year ‘Investors Are Going to Be Looking at Ethereum’

For a great portion of the yr, many bitcoin advocates, consultants, luminaries, and analysts predicted that bitcoin (BTC) would certainly hit the $100K per unit vary in 2021. One of the most popular forecasts belongs to Plan B, the creator of the stock-to-flow (S2F) bitcoin value mannequin. Plan B said based mostly on the pseudonymous analyst’s “worst case state of affairs for 2021 (value/on-chain based mostly)” could be “Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K.”

However, November’s value name missed and the $135K prediction seems to be like it’ll miss as properly. Bitcoin must double in worth over the following 24 days gathering a contact over 96% throughout that point. Plan B will not be the one one which has predicted BTC may hit six-digits in USD worth by the yr’s finish. The monetary establishment Standard Chartered predicted at the start of September that bitcoin’s worth may attain $100K by the tip of the yr.

Yahoo Finance contributor, Javier David, said on October 21, that “instantly, a bitcoin transfer to $100K doesn’t appear so farfetched.” In truth there’s a great number of analysts which have mentioned that in some unspecified time in the future sooner or later, bitcoin costs will contact the six-digit zone or $100,000 or extra per unit. Speaking with Bloomberg’s Emily Chang, Bitwise Asset Management’s CIO Matt Hougan explains that bitcoin hitting $100K might be troublesome in 2021. Hougan additional defined that ethereum (ETH) was the “asset of the yr” in 2021.

“I believe as we glance into 2022, we nonetheless have these basic drivers, the establishments we converse to on daily basis at Bitwise,” Hougan defined. “$100,000 by the tip of the yr is a troublesome prediction to make — I believe $100,000 may very well be in goal in 2022 however this yr, I’m not so positive,” Hougan remarked.

Hougan Predicts an ‘Explosion of Activity Built on Ethereum’

As far because the second-largest crypto asset by market capitalization, ethereum (ETH), Hougan thinks 2021 was the digital foreign money’s yr. While noting to Bloomberg’s Chang that ethereum was the “asset of the yr,” Hougan additionally pressured that there might be an “explosion of exercise constructed on Ethereum” subsequent yr. But buyers might be taking a look at different sensible contract blockchain networks as properly, the Bitwise CIO mentioned. Hougan added:

Investors are going to be taking a look at Ethereum, Solana, or Polygon. Investors are beginning to notice there’s extra to crypto than simply Bitcoin. If there’s one larger story for subsequent yr, it’s going to be the whole lot else: crypto as defi, NFTs, Web3, or metaverse.

What do you concentrate on the Bitwise CIO’s cryptocurrency predictions? Let us know what you concentrate on this topic within the feedback part beneath.

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