• Bitwise CIO: $100K Bitcoin is a Difficult Prediction, but Ethereum is the ‘Asset of the Year’

  • While there have been numerous calls for bitcoin to reach six-digits in value by 2021, as the end of the year approaches, it does not appear that $100K per bitcoin will occur. Matt Hougan, chief investment officer at Bitwise Asset Management, told the press on Monday that “$100,000 by the end of the year is a difficult prediction to make.”

    $100K Bitcoin Prices May Be Unattainable in 2021 — Bitwise Exec Says ‘Investors Will Be Looking at Ethereum’ Next Year

    For much of the year, many bitcoin advocates, experts, luminaries, and analysts predicted that bitcoin (BTC) would undoubtedly reach $100,000 per unit in 2021. Plan B, the creator of the stock-to-flow (S2F) bitcoin price model, has one of the most popular forecasts. Plan B stated that the “worst case scenario for 2021 (price/on-chain based)” would be “Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K” based on the pseudonymous analyst’s “worst case scenario for 2021 (price/on-chain based).

    However, the November price call was incorrect, and the $135K prediction appears to be incorrect as well. Bitcoin’s value would have to double in the next 24 days, accumulating a little more than 96 percent during that time. Plan B isn’t the only one who believes BTC will be worth six figures in USD by the end of the year. Standard Chartered predicted at the beginning of September that bitcoin’s value could reach $100,000 by the end of the year.

    On October 21, Yahoo Finance contributor Javier David stated that “suddenly, a bitcoin move to $100K doesn’t seem so far-fetched.” In fact, many analysts believe that bitcoin prices will reach the six-digit range, or $100,000 or more per unit, at some point in the future. Bitwise Asset Management’s CIO Matt Hougan said that bitcoin reaching $100,000 will be difficult in 2021. Hougan went on to say that in 2021, ethereum (ETH) was the “asset of the year.”

    “I believe that as we look forward to 2022, we will still have these fundamental drivers, the institutions that we speak to every day at Bitwise,” Hougan explained. “$100,000 by the end of the year is a difficult prediction to make — I think $100,000 could be on the table in 2022, but this year, I’m not so sure,” Hougan said.

    Hougan foresees a “Explosion of Activity Built on Ethereum.”

    In terms of ethereum (ETH), the second-largest crypto asset by market capitalization, Hougan believes 2021 will be the digital currency’s year. While said that ethereum was the “asset of the year,” Hougan also stated that next year will see a “explosion of activity built on Ethereum.” However, investors will also look at other smart contract blockchain networks, according to Bitwise’s CIO. Hougan continued:

    Investors are going to be looking at Ethereum, Solana, or Polygon. Investors are starting to realize there’s more to crypto than just Bitcoin. If there’s one bigger story for next year, it’s going to be everything else: crypto as defi, NFTs, Web3, or metaverse.

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