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Bitcoin Price Could Hit $250,000 'Sooner' Than Expected, Says Bitwise CEO

source-logo  news.bitcoin.com 29 February 2024 07:30, UTC

The chief executive of Bitwise Asset Management expects the price of bitcoin to hit $250,000 sooner than most people would imagine. Moreover, he believes that bitcoin is going to eat into gold’s total addressable market “faster than people expect.” He opined: “Bitcoin ETFs were bitcoin’s IPO moment. It’s now available to any investor with the click of a button. The market has 10xed.”

Bitwise’s CEO Anticipates $250K Bitcoin

Hunter Horsley, CEO of Bitwise Asset Management, shared his outlook on bitcoin as the cryptocurrency’s price surged to $64K on Wednesday. In addition, spot bitcoin exchange-traded funds (ETFs) are having record days this week.

“Bitcoin has been around for 15 years. It’s going to accelerate now, not slow down. With bitcoin ETFs, the entire tonnage of U.S. capital markets can easily invest for the first time. The market has grown massively. There are no new features to wait for. Price discovery is underway. It can move quickly,” the executive stressed.

In another X post, he emphasized: “Bitcoin is going to eat into gold’s TAM [total addressable market] faster than people expect.” The Bitwise CEO added:

$250k bitcoin could happen much sooner than most who’ve followed the space for years would imagine.

“Why? For 15 years, bitcoin proved its merits but was only accessible to some. Bitcoin ETFs were bitcoin’s IPO moment. It’s now available to any investor with the click of a button. The market has 10xed,” he opined.

While the executive did not specify the timeframe for when he expects BTC’s price to reach the $250K level, Bitwise released its 10 crypto predictions for 2024 in December, showing that the firm expects BTC to trade above $80K and set a new all-time high this year. Moreover, the asset manager said: “Within five years, we estimate spot bitcoin ETFs could capture 1% of the $7.2 trillion U.S. ETF market, or $72 billion” in assets under management.

Bitwise Bitcoin Fund (BITB) was among the 11 spot bitcoin ETFs greenlighted by the U.S. Securities and Exchange Commission (SEC) on Jan. 10. The fund began trading the next day along with 9 other spot bitcoin ETFs. Earlier this week, Carson Group approved four spot bitcoin ETFs on its platform, including BITB.

Many people share a bullish outlook for bitcoin. This week, veteran trader Peter Brandt raised his BTC price target to $200K for the current bull market cycle. Pantera Capital foresees a “strong” crypto bull market over the next 18-24 months. Fundstrat’s Tom Lee anticipates bitcoin hitting $150K this year. Meanwhile, venture capitalist Tim Draper recently doubled down on his bitcoin price prediction of $250K this year. In addition, Cathie Wood’s Ark Invest believes that BTC could reach $1.5 million by 2030.

When do you think the price of bitcoin will hit $250K? Let us know in the comments section below.