MEXCBitwise CIO Says BTC To $500k Is “Easy” If Strategic Bitcoin Reserve Happens
Highlights
- Bitwise CIO Matt Hougan predicts that Bitcoin could reach $500,000 if the Strategic Bitcoin Reserve happens.
- He expects other nations to follow suit, which could create a supply shock for BTC.
- Individuals like Arthur Hayes still believe that the Strategic Bitcoin Reserve won't happen.
Bitwise Chief Investment Officer (CIO) Matt Hougan has predicted that Bitcoin could easily reach $500,000 if the Strategic Bitcoin Reserve happens. The Bitwise CIO explained how the introduction of the Bitcoin Reserve would cause a ripple effect that would send the flagship crypto to this price target.
Bitwise CIO Predicts Bitcoin To Hit $500,000
In a recent interview, Matt Hougan predicted that Bitcoin would reach as high as $500,000 if Donald Trump’s administration created the Strategic Bitcoin Reserve. The Bitwise CIO noted that such a development is too big of a story and that governments would also have to follow suit, which could create a supply shock for the flagship crypto.
Hougan noted that the idea of a US Strategic Bitcoin Reserve has become feasible over time, as several members of the incoming administration have suggested they support this initiative. Bitwise recently predicted that Bitcoin will hit $200,000 in 2025.
However, the Bitwise CIO is confident that the BTC Reserve initiative could change everything and provide more bullish momentum for the leading crypto.
The leading voice behind this initiative, besides Donald Trump, has been Senator Cynthia Lummis, who introduced the ‘Bitcoin Act of 2024.’ This proposed bill, if passed, will mandate the US to hold 1 million BTC over the next four years.
Senator Cynthia Lummis recently reaffirmed her commitment to implementing the Strategic Bitcoin Reserve with the help of individuals like the incoming Crypto Czar, David Sacks.
Doubts Remain About A Strategic Bitcoin Reserve
Amid the Bitwise CIO’s prediction, there are doubts about whether a Strategic Bitcoin Reserve will be created. Castle Island Venture’s founding partner, Nic Carter, said he doesn’t expect the BTC reserve to happen because it wouldn’t benefit anyone if the US were to shale confidence in global markets by implying the dollar is at risk.
BitMEX co-founder Arthur Hayes also echoed a similar sentiment. In his recent blog post, Arthur Hayes stated that he still doesn’t believe the Strategic Bitcoin Reserve will happen. The crypto founder added that politicians would rather spend newly created dollars on public goods than invest in Bitcoin.
- Michael Saylor’s Strategy Eyes S&P 500 Spot Amid Bitcoin-Backed Credit Products Launch
- Bitcoin White Paper Turns 17 Today as Satoshi’s $120B Fortune Climbs $2.8 Billion
- Will Crypto Market Rebound or Crash Ahead as 10X Research Tips Shorting Ethereum?
- Sam Bankman-Fried Says FTX Was “Never Bankrupt,” Crypto Community Reacts
- XRP ETF Coming This November 13 As Canary Capital Submits Updated S-1 By Removing Roadblocks
- Ethereum Price Forecast: $5K in Sight Post-Fusaka Upgrade
- Chainlink Price Eyes $25 as AllUnity Integrates CCIP for EURAU Expansion
- Sei Price Forecast: Will Robinhood Listing Spark a Rally?
- XRP Price Outlook as ETF Nears Possible November 13 Launch
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
- Bitcoin Price Forecast as Trump Cuts Tariffs After US-China Trade Deal
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
