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In an exclusive interview with Yahoo Finance, Bitwise Asset Management Chief Investment Officer Matt Hogan revealed his bullish outlook on Bitcoin, predicting a significant price increase by the end of 2025. “We expect Bitcoin to exceed $200,000 by this time next year,” Hogan said, adding that this prediction is based on three main sources of demand: exchange-traded funds (ETFs), corporate investment, and government takeovers. He said it was due to.
“There are ETFs that are siphoning off Bitcoin, public companies like MicroStrategy are accumulating Bitcoin, and now there are discussions about governments investing in Bitcoin,” Hogan said. Well, it comes down to supply and demand. There's too much demand and not enough supply, so prices go up.”
When asked about the sustainability of such demand, Hogan emphasized that different investor groups are gradually waking up to Bitcoin's value proposition. “People wake up to Bitcoin at different paces. We saw retail investors get involved first, then corporations and financial advisors, but now institutions are starting to see Bitcoin become more diversified. “They are becoming increasingly aware that they belong to a portfolio of
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“Bitcoin is now a global macro asset worth trillions of dollars, and virtually every investor should have some exposure. We still have a lot of investors. “We believe we are still in the early stages of this journey. There are still many quarters left,” he added.
If the US buys Bitcoin, how high could the price rise?
A crucial aspect of Mr. Hogan's prediction hinges on the possible creation of a U.S. Strategic Bitcoin Reserve (SBR). Regarding this, Hogan said: “If we could get into the Bitcoin Strategic Reserve where the government is buying Bitcoin, as proposed in Senator Lummis’ bill, where the government would buy 1 million Bitcoins, we would have $200,000. Bitcoin would look weird. You'd be looking at 500,000 Bitcoin for $3.40, which is too far-fetched because that's what governments all over the world would have to do.”
Hogan admitted he was initially skeptical of President Trump's proposal to create an SBR. “But as the months have passed, this issue hasn't gone away. In fact, we continue to see leaders in the Trump administration signal that they are open to this issue,” Hogan said. said. Bitcoin CIO still believes the probability that the US government will buy Bitcoin is less than 50%, but added that it is “not zero.” “If that happens, or starts happening in other countries, we will see a Bitcoin crash and 2024 will look pretty tame by comparison.”
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Hogan also emphasized the role of institutional platforms, naming Coinbase in particular as a potential major beneficiary in the evolving world of cryptocurrencies. “Coinbase is currently about half the size of Charles Schwab, and we think it has the potential to surpass Schwab in terms of brokerage size,” he said.
“Coinbase doesn’t have any major competitors that are trying to compete with this. If you can believe it, it is subject to some kind of regulation. As a result, the company is We were able to maintain high profit margins and accumulate stablecoins. [..,.] Also, being included in the S&P 500 will be advantageous. You can see that various institutions are buying it widely. I think this is a very unique situation caused by the fact that there was so much regulatory uncertainty. We have cleared a highly competitive path and are now reaping the benefits of it to create a leading and perhaps unsellable position in our industry. us. “
Looking to the broader market, Hogan predicted more crypto-related companies would enter the public markets. “We can expect companies like Kraken, Anchorage and Chainalysis to go public and see more normalization in the industry,” he said. “This influx will lead to increased Wall Street coverage and institutional investment, setting the stage for a strong 2025 IPO window.”
Despite the optimistic outlook, Hogan acknowledged potential risks that could hinder Bitcoin's growth. “The biggest risk is that politicians don't deliver on their promises. If they fail to achieve regulatory clarity or establish strategic reserves, the anticipated bull market may not materialize,” he said. No,” he warned. “Regulatory and political factors will be key drivers for cryptocurrencies in 2025, and any setbacks in these areas could pose significant challenges.”
At the time of writing, Bitcoin was trading at $104,212.
BTC price, 1 week chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart on TradingView.com
