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The chief investment officer (CIO) of Bitwise Asset Management Matt Hougan is highlighting one catalyst that could have a massive impact on the price of Bitcoin ( BTC ). In an interview on the Mr. M Podcast, Hougan says that the price of Bitcoin could rise exponentially if the crypto king is adopted as a reserve asset by various countries across the globe. “There’s this question of whether we will see governments around the world starting to add Bitcoin to their own balance sheets. I would say that that possibility is not priced into the market at all. Like zero. If that becomes a reality, I think you’re talking about Bitcoin being many hundreds of thousands of dollars. There’s just not enough Bitcoin in the world to support, to facilitate that kind of demand without prices going substantially higher. So I think this is a real sea change. I think investors have underestimated it. I think it’s going to have a long-tail effect. It will extend the bull market substantially in 2025 and potentially beyond.” According to Hougan, the number of new Bitcoin expected to be mined in 2025 will be inadequate to meet the demand that he expects to come online. “The Bitcoin Network is going to produce about 160,000, 170,000 Bitcoin [in 2025]. Corporations bought 270,000 [BTC] last year, and exchange-traded funds (ETFs) bought 400,000 – 500,000 [BTC]. Governments are talking about buying hundreds of thousands. Any one of these sources is more than all the net new Bitcoin that comes out of the market. And that means, just from a simple perspective, that in order to satisfy that demand, which I think is unstoppable, I think you’re going to see all three sources buy hundreds of thousands of Bitcoin. People who hold Bitcoin today have to sell. Maybe they’re willing to sell at $100,000. But if they’re not, what is the next level at which enough of them will sell? Is it $125,000? Is it $150,000? Is it $200,000? I think the market could sort of find itself in an air gap where people are unwilling to sell until it gets to a new major level. And that move could be very violent.” Bitcoin is trading at $94,744 at time of writing. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post This Catalyst Could Trigger ‘Violent’ Bitcoin Surge to Hundreds of Thousands of Dollars: Bitwise CIO Matt Hougan appeared first on The Daily Hodl .
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Discover How Altcoin Holders Are Shaping the Crypto Landscape
Altcoin HODLer counts show significant variability this year. Expert predictions suggest promising potential for both Ethereum and Dogecoin. Continue Reading: Discover How Altcoin Holders Are Shaping the Crypto Landscape The post Discover How Altcoin Holders Are Shaping the Crypto Landscape appeared first on COINTURK NEWS . The Daily Hodl
Bitcoin Price Stalls at $94K, Ethereum Struggles to Maintain $3.2K (Weekend Watch)
Bitcoin’s volatile end of the week resulted in a price drop toward $91,000 and a subsequent surge to $96,000 before the asset calmed roughly in the middle. The altcoins continue to struggle as SOL, ADA, and AVAX have charted 4% daily declines. BTC Calms at $94K It was nothing short of a volatile rollercoaster of a week for the primary cryptocurrency. It all started quite promising after the most recent MicroStrategy purchase on Monday, as the asset flew past $100,000 for the first time this year and kept climbing on Tuesday morning to over $102,000. However, that’s when the landscape changed, and BTC slumped hard later that day, and on Wednesday, it slumped to $96,000. Although that was a painful correction on its own, bitcoin kept plunging in the following days to $91,200 (on Bitstamp) on Thursday, which became its lowest price tag in over a month. The bulls managed to intervene at this point and pushed BTC north. More volatility ensued with several big moves that eventually pushed the asset to $96,000. However, it failed there and has lost almost two grand since then to trade at $94,000 as of now. Its market cap has risen to just under $1.870 trillion on CG, while its dominance over the alts is up to 54.5%. BTCUSD. Source: TradingView ADA, SOL Struggle Most altcoins are in the red today as well. Ethereum slipped below $3,200 on Thursday, and even though it managed to recover some ground since that low is close to breaking below it now after a 2.3% daily decline. XRP is among the few alts with minor gains today. In contrast, SOL, ADA, SUI, AVAX, and LINK continue to lose value, with losses of up to 4%. SOL is well below $190 now, while ADA is just over $0.9. More painful losses come from OM, ICP, and RNDR from the larger cap alts. The total crypto market cap has lost some steam since yesterday and is down to $3.43 trillion on CG. Cryptocurrency Market Overview. Source: QuantifyCrypto The post Bitcoin Price Stalls at $94K, Ethereum Struggles to Maintain $3.2K (Weekend Watch) appeared first on CryptoPotato . The Daily Hodl
