Bitwise Asset Management’s chief investment officer (CIO), Matt Hougan, has addressed a question regarding Bitcoin (BTC) and the ongoing devaluation in the United States.
In a recent post on X, Hougan responded to a financial adviser’s question about whether BTC could reach $200,000 without collapsing the U.S. dollar.
Responding to the question, Hougan said:
“So, no, the dollar doesn’t need to collapse for bitcoin to hit $200k. All you need is bitcoin to continue on its current path of maturing as an institutional asset. But it’s increasingly looking like both parts of the argument will come true. That’s why bitcoin is surging.”
The Bitwise executive noted that although both arguments responded to the original question, they were separate points, each with its possible price outcome.
BTC to Hit $400,000
The CIO further explained that bitcoin’s current market capitalization of $1.4 trillion is approximately 7-8% of gold’s $18 trillion market cap. He noted that if BTC matures, its value could reach about half of gold’s, which would make one bitcoin worth around $400,000.
He added that if bitcoin matures as a store-of-value asset and governments persist in devaluing their fiat currencies, its price could soar well into the seven-figure range.
While Hougan explained these points, he added that the store of value market is growing because governments are abusing their currencies.
“When you invest in bitcoin, you’re actually making two bets at once. Bitcoin will succeed in establishing itself as a new ‘store of value’ asset, while Governments will abuse fiat currencies and increase demand for store of value assets,” he said.
Can BTC Hit These Prices?
In recent times, several Bitcoin investors and crypto experts have expressed high hopes about the future of the crypto asset, predicting it will hit new highs.
According to CNBC, many crypto investors are adopting the idea that bitcoin will thrive whether pro-crypto candidate Donald Trump wins or his opponent, Vice President Kamala Harris, takes the seat after the election on November 5.
Some have strongly believed that BTC will jump to at least $100k no matter who becomes the next U.S. president.
Similarly, MicroStrategy’s chairman, Michael Saylor,, believes that BTC will reach $13 million within the next 10 years.
