Bitwise’s CIO is “not sure” that Bitcoin will reach $100,000 in 2021


As 2022 gets closer and closer, some cryptocurrency investment experts are now suspicious of Bitcoin (Bitcoin) There is enough time to reach $100,000 in 2021.

Following A major flash crash in the cryptocurrency marketAccording to Matt Hougan, Bitwise’s chief investment officer, it is unlikely that Bitcoin will break all-time highs in the next three weeks and rise all the way to $100,000.

“US$100,000 by the end of the year is a difficult prediction […] I think the target for 2022 may be US$100,000, but this year, I’m not sure,” Hougan Said In the interview on December 6.

He pointed out that the potential cryptocurrency rebound in 2022 will be largely due to growing institutional support. “I think when we look to 2022, we still have these basic drivers, the institutions we talk to at Bitwise every day,” Hougan said, adding that many institutions are still entering the market for the first time.

The CIO also predicts that there will be “explosive growth of Ethereum-based activities” and first-layer solutions in 2022, or solutions that aim to improve the basic protocol itself to expand the entire system instead of creating different protocols.

“Investors will pay attention to Ethereum, Solana or Polygon. Investors are beginning to realize that encryption is not just Bitcoin. If there is a bigger story next year, it will be everything else: encryption like DeFi, NFT, Web3 or Metaverse,” Hoogen predicted.

Although Hougan pointed out the growing potential of altcoins (or coins other than Bitcoin), some prominent figures in the crypto community still insist on using BTC.

Bobby Lee, The founder and CEO of Ballet, an encrypted hardware wallet, debate On December 6, Bitcoin was “more valuable” than altcoins because Bitcoin was not supported by “any type of project or promise that might fail.”

The crypto community has been paying close attention to the price of Bitcoin this year. Well-known data in the industry predict that BTC will reach US$100,000 by the end of 2021, including Standard Chartered Bank’s Cryptocurrency Research Unit, Inventory-to-flow model creator PlanB, Morgan Creek Digital Assets Co-founder Anthony Pompgliano, CEO of Tianqiao Capital Anthony Scaramucci And others.

related: Bitcoin will reach $250,000 in January 2022, but it will “invalidate” the S2FX BTC price model-new prediction

Others in the crypto community are skeptical.

According to reports, at the time of writing, Bitcoin was trading at US$51,290, which clearly rebounded after falling below US$47,000 on December 4. data From CoinGecko.After starting at around $30,000 in 2021, Bitcoin has reached All-time high above $67,000 In mid-November.

Bitcoin price chart for one year. Source: CoinGecko