The Chief Investment Officer of the Crypto Asset Management Firm Bitwise says that the aggressive demand for Bitcoin (BTC) could stimulate the price of the Crypto King much higher by the end of the year.
In a new interview with CNBC television, Bitstwijke Cio Matt Hougan out Those blue-chip settings with an increasing demand for BTC mixed with its limited supply can push the value of Bitcoin by around 70% of the current prices.
“There is an inexorable demand from companies and institutional investors, and that clashes with a seriously limited supply. You know that the Bitcoin network produces only 450 bitcoin per day. Yesterday alone, Bitcoin ETFs (listed funds) have bought 10,000 bitcoin.
This institutional investments in Bitcoin is a one -off event. It will take years to play. But I think there will be this persistent offer in the course of those years where there is more demand than the supply is. And the natural reaction to that is what we see on the market, what the price of Bitcoin is, goes higher.
I think it still has a long way to go. I think it could end the year closer at $ 200,000. So I would get used to this story of new all-time highlights. ”
Hougan adds that interest in Bitcoin’s use cases is growing, especially in the midst of rising geopolitical uncertainty.
“Bitcoin offers a service that is the opportunity to save wealth in a digital format without trusting a bank. The vibes are certainly part of it. Vibes influence shares. They influence bonds, but the underlying motivation for the turnout is that more people want this service that Bitcoin offers.
In this uncertain world, where rates and geopolitical tensions are, people want to be able to possess their wealth in a digital format. “
Bitcoin acts for $ 117,470 at the time of writing, a marginal decrease on the day.
https://www.youtube.com/watch?v=kteapq3OVRG
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