Bitwise CEO Says Bitcoin At $250,000 Is Closer Than You Think
February 29 2024 - 7:00AM
NEWSBTC
Hunter Horsley, the Chief Executive Officer (CEO) of crypto index
fund manager, Bitwise, has stayed highly optimistic about the
Bitcoin bullish outlook, predicting that the cryptocurrency will
witness a rise to $250,000 sooner than most think. BTC’S Road To
$250,000 In a recent X (formerly Twitter) post on Wednesday,
Horsley made a bold prediction about Bitcoin, foreseeing the
cryptocurrency rising to new all-time highs never seen before. The
CEO has stated that BTC could reach $250,000, jumping over
four times its current price above $62,000. Related Reading:
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Furthermore, Horsley has expressed his belief that BTC could
rival gold in the future. He anticipates that the fast-rising
cryptocurrency would “eat into gold’s Total Addressable Market
(TAM) faster than people expect.” Highlighting Bitcoin’s formidable
potential in relation to hold, on Wednesday, February 28, Spot
Bitcoin ETFs dominated Gold ETFs in the market, with over $578
million flowing into Spot Bitcoin ETFs while gold ETFs experienced
outflows of $17 million. These substantial inflows underscore the
rising demand and potential superiority of Spot Bitcoin ETFs over
gold ETFs. The Bitwise CEO has also revealed that Spot
Bitcoin ETFs were BTC’S Initial Public Offering (IPO) moment.
Consequently, these investment assets have enhanced BTC’S
accessibility for both institutional and retail investors,
increasing its exposure and propelling the market value forward by
tenfold. While Horsley has not provided a specific timeline
for his $250,000 Bitcoin prediction, the CEO has maintained a
long-term bullish outlook for the cryptocurrency. He has also
emphasized the need to invest in BTC, stating that “waiting was
costly” and yesterday’s price should serve as a reminder to seize
any opportunity to purchase Bitcoin. Bitcoin Shows No
Signs Of Slowing Down According to Horsley, Bitcoin is showing no
signs of stopping its upward momentum anytime soon. The Bitwise CEO
has revealed that the price of the cryptocurrency is likely to
accelerate rather than slow down. Related Reading: Cardano
Adoption Explodes: ADA Price Ready To Reclaim $3.1 All-Time High?
At the time of writing, BTC is trading at a price of $62,142,
reflecting a substantial 8.77% increase in just 24 hours. At one
point yesterday, the cryptocurrency was trading above $57,000.
However, after achieving unprecedented gains, Bitcoin has
successfully crossed the coveted $60,000 price mark and is rapidly
approaching its overall all-time high of $68,789 in November
2021. Horsley has disclosed that this rapid rise in Bitcoin’s
price is largely attributed to the success of the Spot Bitcoin
ETFs. He has highlighted the possibility of the entire United
States capital markets investing in Spot Bitcoin ETFs for the first
time, providing a massive opportunity to boost Bitcoin’s adoption
and increase the value of the cryptocurrency. BTC price continues
to rise | Source: BTCUSD on Tradingview.com Featured image from
Interia, chart from Tradingview.com
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