The chief investment officer of crypto asset manager Bitwise Investments is unveiling his massive price target for Bitcoin (BTC) despite the ongoing bear market.
In a new Stansberry Research interview, Bitwise executive Matt Hougan says that Bitcoin could rally by over 2,273% from its current price of $21,062 as he believes BTC will come close to gold’s market capitalization of more than $11 trillion.
“I think it’s perfectly rational to believe that Bitcoin could trade to half a million dollars over time. The way I picked that number out of the hat is if Bitcoin held as much wealth as is held in gold, it would be about half a million dollars a Bitcoin.”
Hougan says he sees Bitcoin’s market capitalization ascending to greater heights as BTC outperforms gold as a store-of-value asset.
“If you think out five or ten years, could Bitcoin be as big a store wealth as gold? I think the answer is yes. And that leads to half a million dollars a Bitcoin. Will we get there? I don’t know. But I think that’s certainly within the realm of possibility.”
The top investment strategist at Bitwise says that Bitcoin is currently in an “appreciation phase” similar to what gold went through in the early 1970s right after the US government ended the gold standard – a monetary system where the US dollar was convertible into a fixed amount of gold.
“[Bitcoin] is the new digital gold. It’s better than gold and everything gold tries to do. You can move it faster, it’s harder to fake, it’s easier to store [and] it’s harder to falsify. It is the new gold…
If I’m right that people are going to think of it [Bitcoin] long term as a legitimate way to store wealth, it’s going through that same appreciation phase [as gold]. This is when you want to own stores of value – when the world is figuring out that they’re valuable, when they’re emerging stores of value. And that’s where Bitcoin is.
That’s why it’s been the best performing asset in the world over the last 10 years and I think it has huge potential in the future because still very few people own it.”
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