Bitwise CIO Matt Hougan recently spoke with Yahoo Finance on Bitcoin’s future, saying the cryptocurrency may soon reach above $100,000. The asset manager’s CIO said in the interview, “I think we’re going above $100,000 on Bitcoin.”
JUST IN: Bitwise CIO says "I think we're going above $100,000 on #Bitcoin."
— Watcher.Guru (@WatcherGuru) October 30, 2024
Hougan cited several factors that are currently pushing Bitcoin’s price upwards. In particular, he shed light on the upcoming US election and its impact on cryptocurrency. “I think the most important thing for Bitcoin is that the election happens,” Bitwise Asset Management Hougan says. “Regardless of a Trump win or a Harris win, the regulatory setting for bitcoin is improving, and I think that’s what you’re seeing reflected in the price.”
BTC recently surpassed its previous all-time high, reaching $73,800 for the first time on Tuesday. As the election looms, more attention is on the digital asset industry than ever before. With that attention, the Bitwise CIO says that it may be a good time to jump on the Bitcoin train before its price explodes. “I think this is the best single time to invest in Bitcoin,” he added in the interview.
BTC To Ride Election Wave To $100,000?
Bitcoin has been at its most bullish state since the launch of Spot ETFs earlier this year. The BTC ETF market in the United States has grown exponentially since its approval in early 2024, and holdings of the leading crypto continue to rise. According to Bloomberg ETF analysts, US spot ETFs are scheduled to hit 1 million Bitcoin held by next Wednesday and perhaps eclipse Satoshi Nakamoto’s total holdings of 1.1M BTC by December. Bloomberg Analyst Eric Balchunas reported Tuesday morning that US Bitcoin ETFs have been adding about 17,000 BTC a week, already surpassing Binance’s total BTC holdings.
Also Read: Trump’s Election Impact: Bitcoin Price Predictions from Top Analysts
Matt Hougan didn’t endorse either candidate in the interview with Yahoo Finance. However, he did say that Bitcoin may perform better quicker under a Trump administration. “In the short term, crypto favors a Trump victory over a Harris victory, but Bitcoin doesn’t need Washington to succeed,” he says. “I think we go higher either way, it just might be a bit faster under Trump.”
Multiple price predictions have the top cryptocurrency eclipsing $80,000 in a matter of days, and hitting close to $100,000 after the election. Like Hougan says though, this timeline may speed up if Trump wins the US presidency next week. The asset’s 2017 surge happened during Trump’s term. Now, similar signs are appearing.
