The distribution of Mt.Gox, sales by the German authorities and the threat of similar actions in the context of coins received from Silk Road will not stop the growth of bitcoin to $100,000 by the end of the year. This was stated by Bitwise CIO Matt Hougan, writes The Block.
The expert is convinced of the short-term impact of these factors. The negative effect was exacerbated by the seasonally low volume of liquidity, he added.
Hougan identified five "tailwinds" that, in his opinion, will lead to the realization of such expectations:
inflows into Spot Bitcoin ETFs;halving of the first cryptocurrency;the expected launch of spot Ethereum ETFs;the changing political situation in the United States;the prospect of a Fed rate cut.CIO Bitwise expressed confidence in the continuation of "billions of dollars" in BTC-ETFs in addition to the current $15 billion since the registration of the products.
As a driver, he cited the approval of tools by the largest money management platforms, including Morgan Stanley and Wells Fargo.
Hougan estimated the potential inflow of funds into the ETH-ETF at $15 billion.
Separately, the specialist highlighted the "tectonic shifts" in relation to cryptocurrencies among politicians thanks to Republicans who have included digital assets in their agenda for this year.
The top manager also noted the expectations of two Fed rate cuts before the end of the year, which is "generally favorable for cryptocurrencies."
"If we add to this the active growth of the stablecoin market, the development of L2 and the increasingly active participation of organizations like BlackRock, then the right combination of events in the second half of the year can easily lead bitcoin to the $100,000 mark and push Ethereum to ATH," the expert concluded.
Recall that Standard Chartered maintained expectations of bitcoin returning to a historic high in August and subsequent growth to $100,000 by the US presidential election in November.