Bitwise CIO ‘not so sure’ about Bitcoin hitting $100K in 2021

Some cryptocurrency investment experts doubt that Bitcoin (BTC), a cryptocurrency, will reach $100,000 by 2022 as the year draws near.

According to Matt Hougan, chief investment officer at Bitwise, Bitcoin will not reach new all-time highs within the next three weeks after a major crash in cryptocurrency markets. It could even surpass $100,000.

Hougan stated that $100,000 is not a realistic prediction for […]. He said Monday that $100,000 might be within reach in 2022, but this year, he’s not so certain.”

Hougan noted that there is a possibility of a cryptocurrency rally in 2022, largely due to the growing institutional support. Hougan stated that, “I believe as we look into 2022 we still have these fundamental drives, the institutions we talk to every day at Bitwise,” and added that many institutions are still entering the market for their first time.

CIO also predicts that there will be an “explosion in activity built on Ethereum” in 2022. Layer-one solutions are those who aim to improve the base protocol to scale the system, rather than creating a new protocol.

“Investors will be looking at Ethereum Solana or Polygon. An increasing number of investors are realizing that crypto is more than Bitcoin. Hougan predicts that next year’s bigger story will be crypto as NFTs, DeFi, Web3 and metaverse.

Hougan acknowledged the potential growth of altcoins, or coins other than Bitcoin, but some prominent members of the crypto community remain committed to Bitcoin.

Bobby Lee, the founder and CEO at crypto hardware wallet Ballet, said Monday that Bitcoin is more valuable than altcoins, because it isn’t backed by any type of project or a promise that could fail.

The crypto community has been closely monitoring Bitcoin’s price this year. Notable figures in the industry have predicted that BTC will reach $100,000 by 2021. These include PlanB’s stock-to-flow model creator PlanB and Standard Chartered’s cryptocurrency research division.

Related: Bitcoin will reach $250K in January 2022, but S2FX BTC price models are ‘invalidated’ — New prediction

Others within the crypto community are more skeptical.

The year 2050 is here: “One more shakeout to #Bitcoin, and it’s moontime!” 100k EOY Ok Grandma, let’s go to bed. pic.twitter.com/F9RoBF8qdo
— Lunch Money (@LunchMoneyMitch) November 10, 2021

According to CoinGecko data, Bitcoin trades at $51,290 as of the writing. This is a significant recovery from Saturday’s drop below $47,000. Bitcoin reached its highest point above $67,000 mid-November after it was launched at $30,000 for 2021.

Chart of the Bitcoin price over one year Source: CoinGecko

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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