Bitwise Chief Investment Officer Foresees Bitcoin Price Surpassing $80,000 Amid ETF Boom
The price of Bitcoin (BTC) is expected to soar beyond $80,000 this year thanks to the recent success of exchange-traded funds (ETFs), according to Bitwise Chief Investment Officer Matt Hougan.
The approval of Bitcoin ETFs has shattered records and triggered an influx of funds into the cryptocurrency since mid-January.
In a recent interview, Hougan highlighted the sustained demand for ETFs, which has exceeded his expectations.
He said that this wave of interest from traditional finance, akin to Bitcoin’s IPO in the US market, will lead to further institutional investment and drive up prices.
“Think of the ETF launch as Bitcoin’s IPO in the U.S. market. It has just unleashed a huge wave of interest from traditional finance, and it has exceeded my expectations.”
Bitwise, in particular, has experienced significant success in the ETF market.
In just one day, the company received approximately $126.5 million in inflows, marking its second-largest intake since its launch.
It has also surpassed $1 billion in assets under management, placing it alongside industry giants such as BlackRock, Fidelity, and Ark Invest’s 21Shares.
Remember that trends are sustainable as long as opinion is fairly heterogenous.
That no longer seems to be the case.
No more sidelined capital, at least from the crypto native side.
Increasingly feel like everyone is leaning bullish & waiting for the ETFs to carry the market.
— 10Δ (@_10delta_) February 18, 2024
However, despite the availability of ETFs, not all financial institutions have gained access to them.
Retail investors have been the primary participants in trading thus far, while banks and wirehouses are still conducting extensive due diligence before offering ETFs to clients.
Nevertheless, analysts believe that
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