Bitwise Executive Makes Bold Statements: “It Looks More Bullish Than Ever, $1 Million Is Not Out of the Question”

Despite the sharp pullback in cryptocurrency markets, Ryan Rasmussen, Research Director at Bitwise, one of the world’s leading crypto asset managers, remains optimistic about the future of Bitcoin.

Speaking to Bloomberg, Rasmussen argued that the current price fluctuations are temporary and that Bitcoin’s long-term bullish scenario is stronger than ever.

Rasmussen, recalling that Bitcoin has experienced value losses of over 70% on numerous occasions in the past, stated that the current decline differs from previous “crypto winters” due to institutional adoption and regulatory support. He noted that investors are focusing on short-term negative headlines but overlooking long-term catalysts, adding, “The Bitcoin thesis has never been stronger. Regulatory winds, institutional adoption, and increased demand for ‘hard assets’ like gold will propel Bitcoin much higher in the next 5 to 20 years.”

Rasmussen stated that the Bitcoin price falling below the mining cost of approximately $80,000 is putting pressure on the sector, and predicted that this situation will initiate a “clean-up” process. He suggested that large miners with strong cash reserves will swallow up smaller ones, while some miners are protecting themselves by shifting their data centers to Artificial Intelligence (AI) operations.

When asked why Bitcoin has fallen more than stocks (such as Nasdaq), Rasmussen responded by saying the asset is still in its “early stages.” He reminded readers that spot Bitcoin ETFs were only approved in early 2024 and that large asset management companies are only now entering the system. Rasmussen argued that if the liquidity withdrawn from the market during the October sell-off returns, Bitcoin will experience a very sharp recovery.

Acknowledging that the market is searching for a floor price, Rasmussen stated that the $50,000-$60,000 range is a strong “accumulation zone” for long-term investors. Rasmussen also made a remarkable prediction, saying, “It’s not a distant possibility for us that the Bitcoin price will surpass $1 million in 10 years.”

Rasmussen noted that many institutional investors believe they “missed the opportunity” when Bitcoin was above $100,000, adding that the current $60,000 level is seen as a tremendous entry opportunity for these institutions.

*This is not investment advice.