Bitcoin to $1,000,000? Bitwise CEO Makes a Bold Prediction

The CEO of Bitwise is extremely bullish. He targets $200,000 for a bitcoin before the end of the year and one million before the end of the decade.

Institutionals in Control

Bitcoin adoption by public companies accelerated considerably in the second quarter. They accumulated 159,107 BTC, bringing their holdings to 847,000 BTC, or $91 billion.

This represents a 23% increase quarter-on-quarter, according to Bitwise. They now hold 4% of the total supply of 21 million BTC. It’s even 5.4% if you add the 290,000 BTC accumulated by private companies.

These public companies now number 125, an increase of 58% (46 additional companies). Strategy remains the leader with 597,325 BTC, followed by Marathon with 49,940 BTC and Twenty One (XXI) with 37,230 BTC.

The purchases by all these companies have made bitcoin the best performing asset of the second quarter (+30%). Bitwise CEO Matt Hogan remains extremely optimistic about what’s next:

One trillion dollars opens almost every week to bitcoin. We are going through a unique phase during which institutional investors embrace bitcoin. This can only be accompanied by a significant rise in bitcoin.

Matt Hogan

Put differently, we are in the 1970s, when gold soared from 35 to 800 dollars in a decade. “The world is realizing that Bitcoin will be part of our future. The timing to invest couldn’t be better,” he said on Giovanni Incasa’s show.

Speaking of gold, the barbaric relic has appreciated more than bitcoin since the start of the year (+20%, versus 15% for BTC). Gold benefits from geopolitical tensions and continued purchases by central banks.

That said, FOMO is starting to grip central banks like the Czech Republic’s. Its governor would like to add bitcoin to the country’s foreign exchange reserves.

$200,000 for a Bitcoin, then $1 Million

For Matt Hogan, the downward pressure will soon ease in favor of a broad bullish rally:

Many people were counting on selling at $100,000. That’s where the largest number of sell orders are on River. Institutional demand should soon finish swallowing this sell wall and let us move straight up to the next psychological threshold.

Matt Hogan

Matt Hogan “does not know exactly where” this threshold is, but Bitwise officially targets $200,000 for this year. According to him, “this cycle should last until the end of the decade and take us to parity with gold, or a little over one million per bitcoin.”

He justified this by saying that the United States will certainly strengthen their strategic bitcoin reserve due to the BRICS’ revolt against the greenback.

The world is turning to new types of reserves. If I were Uncle Sam, I’d say it’s better to be the dollar and bitcoin rather than the dollar and yuan.

Matt Hogan

Your servant shares this view. Donald Trump has repeated in recent days that he will not let any nation steal the famous “exorbitant privilege” from the United States. But he knows this privilege is a double-edged sword. Concessions will have to be made to become a manufacturing power again.

The American president knows he cannot reindustrialize without a sustained decline in the dollar. But at the same time, he does not want the BRICS to cause excessive devaluation.

The United States will accept trade on an equal footing, but not the internationalization of the yuan. A stateless currency like bitcoin then makes sense. Hence the ambition to accumulate it before everyone else. It is a very smart way to hedge.

Don’t miss our article: Trump: Bitcoin Relieves the Dollar.