A US strategic reserve could push bitcoin to $500K: Bitwise CIO
Bitcoin (BTC-USD) is hovering around its all-time high reached earlier this week, currently above $106,000. Bitwise Asset Management CIO Matt Hougan expects bitcoin's run to continue straight from here and even reach $200,000 by this time next year. "The real story is people just wake up to bitcoin at different paces — We saw retail investors get their first, we've seen companies and financial advisors get there, we're starting to see institutions get there," Hougan tells Market Domination's Julie Hyman and Josh Lipton. "And once they realize that bitcoin is not going away, that it belongs in a portfolio, they have to get off zero, get to 1%. Blackrock now says 2%. So it's just this cascading series of educational breakthroughs that brings new people into the market." Bitwise operates several of its own bitcoin (BITB, BITC, BTOP) and crypto (BITQ, BITW) ETFs. Hougan comments on the tailwind a US investment into a strategic bitcoin reserve could bring to the cryptocurrency's pricing, while also touching upon crypto exchange Coinbase Global's (COIN) potential growth. To watch more expert insights and analysis on the latest market action, check out more Market Domination here. This post was written by Luke Carberry Mogan.
