Bitcoin’s (BTC) price could surge to $200,000 without the need for a collapse of the US dollar, according to Bitwise CIO Matt Hougan.
In his latest investor memo, Hougain suggested that Bitcoin’s value rests on two independent forces: its role as a digital store of value and inflationary pressures on fiat currencies.
Key forces driving Bitcoin
Hougan said that many analysts overlook Bitcoin’s broader potential, often assuming its growth depends on a weakening dollar. According to the Bitwise CIO:
“You get a much better view of Bitcoin. If you separate these arguments.”
Hougan argued that the first driver is Bitcoin’s position as a digital equivalent to gold. Despite representing only 7% of gold’s estimated $18 trillion market, BTC’s market cap has the potential to grow significantly as it gains acceptance among investors.
He noted:
“Bitcoin’s price could rise even if it captured just 25% of gold’s market pushing it well past $200,000.”
The second force stems fro
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