Bitwise’s Chief Investment Officer Matt Hougan has asserted that Bitcoin, the flagship cryptocurrency is set to hit a six-figure price value adding more steam to the Bitcoin Bullish thesis that has been building in the crypto community recently.
According to Hougan, Bitcoin, the only crypto asset with a trillion dollars worth will inevitably cross the $100,000 per coin mark due to a combination of Institutional, Macroeconomic, and on-chain factors.
The Bitwise CIO shared reasons for his assertion on X listing the various factors that are playing a role in Bitcoin’s gradual rally to $100,000
“We’re heading to six-figure bitcoin. * ETF flows reaccelerating * Election approaching * Infinite deficits (bipartisan agreement!) * Economic stimulus in China * Global rate cuts (Fed, ECB) * Halving supply shock starting to bite * Whales accumulating” Matt Hougan tweeted
Matt Hougan in agreement with QCP capital and other analysts agreed that the upcoming US elections have a lot to do with an impending price surge in Bitcoin. Donald Trump a Pro Bitcoin Candidate leading on all betting platforms is a big win for the crypto industry and another reason to believe that Bitcoin will surpass the $100,000 mark.
Other factors raised by Hougan include Whale Activity with Bitcoin Whales doubling down on their Bitcoin investors an indicator of their confidence in the long-term growth of the asset.
Bloomberg’s Senior ETF Analyst and ETF expert Eric Balchunas added to the assertion by revealing the crazy numbers Bitcoin ETFs were doing in the United States. he revealed that US Spot Bitcoin ETFs have surpassed $20 billion in net flows and the entire American Bitcoin ETF complex has garnered over $1.5 billion in Assets under management following $1.5 billion in inflows this week.
Eric compared Bitcoin’s ETF performance to that of Gold reminding his followers that it took Gold ETFs several years to hit these numbers.
“Bitcoin ETFs have crossed $20b in total net flows (the most important number, and most difficult metric to grow in the ETF world) for the first time after a huge week of $1.5b. For context, it took gold ETFs about 5 years to reach the same number. Total assets are now $65b, also a high-water mark.” Eric Tweeted.
Eric Balchunas of Bloomberg and James Seyffart are regarded as the most authoritative voices in the market as regards Exchange Traded Funds of various assets.
What to Know : Bitcoin is currently exchanging hands for $68,217 meaning that it is left with $31,785 to hit the $100,000 mark. CryptoQuant founder Ki Young Ju said that Bitcoin’s open interest hit an all-time high of $20 billion, with new whale wallets now controlling 9.3% of the total supply.