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Home»Bitcoin»‘Until Bitcoin is as boring as gold…’ – Why it’s still early for BTC
Bitcoin

‘Until Bitcoin is as boring as gold…’ – Why it’s still early for BTC

2024-11-14No Comments3 Mins Read
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  • Bitwise CIO believes that Bitcoin is still in its infancy.
  • The King Coin continued to ride the post-election bullish momentum.

Not even halfway between Moonvember and Bitcoin [BTC] continues to break its own records. The latest comes as BTC crossed the $90,000 mark and peaked at a new ATH of over $93,000.

However, the price dropped shortly afterwards. At the time of writing, the largest cryptocurrency was trading at $89,604, down 0.98% over the past day. Nevertheless, annual gains remained strong at $152%.

While this meteoric rise has led to huge profits for HODLers, it has also raised concerns among potential investors, who fear it may be too late to enter the market. But is that really the case?

Bitwise CIO’s view on Bitcoin

In his last memoMatt Hougan, Chief Investment Officer of Bitwise, reassured those who feel they missed the opportunity to invest in Bitcoin.

Hougan emphasized that he believes Bitcoin will be considered “early” until it reaches a price of $500,000. He stated,

“$500,000 per coin is the right demarcation.”

Despite the volatility and unpredictable nature of the asset, the director considers this price as a threshold that distinguishes between being early and late in the Bitcoin market, explaining:

“It marks the point where bitcoin would reach maturity.”

Bitcoin vs gold

The CIO explained that Bitcoin has not yet reached the level of maturity seen in gold. Despite its recent growth, skepticism towards the king coin from regulators and the media remains quite evident.

While the market has made remarkable progress, fueled by the success of exchange-traded Bitcoin products [ETPs] and increasing support from pro-crypto policymakers, he noted:

“But until bitcoin is as boring as gold – in the hands of both central banks and institutions – it is by definition still early.”

But what would it take to bring Bitcoin to the same level as gold? Hougan drew comparisons to the $18 trillion gold market with Bitcoins at around $2 trillion, which comprises the entire $20 trillion store of value market.

For BTC to make up half of that, it would have to be valued at $500,000 per coin, making it truly established.

See also  .Bitcoin: a domain for the Bitcoin -Maximalists

BTC’s path to $500,000 mapped

Given current price levels, reaching $500,000 would require an increase in value of almost 460%. Ergo, the question remains—How will BTC bridge this gap?

Hougan explained that one of the key catalysts for this increase would be the involvement of central banks.

He pointed out that while governments control about 20% of the world’s gold reserves, they control less than 2% of the global Bitcoin supply.

Therefore, this large difference in investments should change. It’s worth noting that during Donald Trump’s second presidential term, these dreams could become reality.

US Senator Cynthia Lummis has expressed optimism that plans to create a strategic Bitcoin reserve will be implemented soon after Trump’s inauguration. In the latter after on X she noted:

Is it too late to invest in Bitcoin? Bitwise's CIO says $500,000 is the real milestoneIs it too late to invest in Bitcoin? Bitwise's CIO says $500,000 is the real milestone

Source: Cynthia Lummis/X

Formerly AMBCrypto reported that Barbara Goodstein, Managing Partner at R360 also foresees Bitcoin becoming the new strategic asset. If that happens, Hougan’s price target could finally become a reality.

Next: PAAL Crypto Rises 50% in 24 Hours: Can This Momentum Sustain?

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