CandleFocus Bitcoin’s Path to $200,000 Doesn’t Depend on Dollar’s Demise, Claims Bitwise CIO
2024-10-31
Author: Content Editor
Bitcoin's potential to reach $200,000 does not depend on the collapse of the US dollar, according to Bitwise Chief Investment Officer Matt Hougan. He believes that two key drivers will support Bitcoin's upward potential: its solidification as a new "store of value" asset and increased demand for alternatives to fiat currencies due to potential government abuse. If Bitcoin were to capture 50% of gold's market share, its value could soar to over $400,000. Even if the overall "store of value" market expands and Bitcoin maintains its current market share, it could still reach $200,000 if this market triples. Hougan suggests that Bitcoin's trajectory is on the rise and could reach new all-time highs as it continues to mature as an institutional asset. Similarly, renewed interest in traditional safe-haven assets like gold is driven by investor concerns over inflation, international tensions, and economic instability.
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