Sign Up on 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.
- First U.S. Spot Dogecoin and XRP ETFs Launch as REX-Osprey Debuts DOJE and XRPR
- Analyst Calls $6 XRP Target for November Amid Ripple CEO’s White House Stockpile Hint
- Ethereum Faces Selloff Risks As Whales’ Unrealized Profit Hits 2021 Highs
- Expert Predicts 138% Shiba Inu Rally as SHIB Futures Listing Opens Spot ETF Path
- Bitcoin Will 200x From Here, Twenty One Capital CEO Says as BTC Breaks $117K After Fed Rate Cut
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
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.
