The CEO of Bitwise Asset Management has shared his predictions on the price of Bitcoin reaching $250,000. According to Hunter Horsley, this amount will be reached by BTC much sooner than one can imagine.
Summary
Bitcoin price predictions: Bitwise CEO believes $250,000 will be reached very soon
Hunter Horsley, CEO of Bitwise Asset Management, shared his price predictions for Bitcoin, stating that the milestone of $250,000 USD could be reached very soon.
“Bitcoin will consume the gold TAM faster than expected. Bitcoin at $250k could happen much sooner than most of those who have followed the sector for years can imagine. Why? For 15 years Bitcoin has proven its merits, but it was only accessible to a few. Bitcoin ETFs were the Bitcoin IPO moment. Now it is available to any investor with a simple click. The market has increased tenfold.”
Basically, for Horsley, there are several indicators that lead him to believe that Bitcoin (BTC) will soon reach the price of 250,000 USD.
Among others, the CEO of Bitwise emphasizes that BTC is set to consume the Total Addressable Market (or TAM) faster than gold.
Not only that, another factor highlighted by Horsley is the accessibility of Bitcoin which, unlike in the past, is now available to any type of investor with just one click.
Furthermore, the introduction of Bitcoin spot ETFs in this 2024 is comparable to a “Bitcoin IPO” moment. With Bitcoin ETFs, in fact, the entire mass of the US capital markets can easily invest for the first time.
All these factors support Horsley’s idea that the crypto market has grown massively.
Bitcoin price predictions: Horsley sees $250,000 soon
The CEO of Bitwise emphasizes that in fifteen years of Bitcoin’s existence, the queen of crypto is now accelerating its growth and expansion, instead of slowing down.
Anyway, in this post on X, Horsley did not want to assert his prediction even temporally.
According to a report by Bitwise published at the end of December, “The Year Ahead: 10 Crypto Predictions for 2024”, it seems however that the price prediction of $250,000 USD will not happen this year.
And in fact, speaking of Bitcoin, the report mentions a new all-time high that BTC will reach in 2024, at $80,000 USD.
It should be remembered that Bitwise Bitcoin Fund (BITB) was one of the 11 spot bitcoin ETFs approved by the US Securities and Exchange Commission (SEC) on January 10th.
In late January, BITB was the first spot Bitcoin ETF listed in the USA to disclose wallet addresses. The initiative aims to provide the opportunity to publicly verify BITB holdings and flows directly through the blockchain.
Jim Cramer’s disbelief in the BTC bull run
The well-known TV host, Jim Cramer, commented incredulously on the current bull run of the crypto market, stating “what has Bitcoin ever done for humanity?”.
This amazement comes after the price of BTC recorded a +150% pump since the host of Mad Money had invited investors to ignore the cryptocurrency.
And indeed, it was August 2023, when Cramer was telling investors to be cautious of Bitcoin and to prefer gold instead. Yet, today, he is commenting on how “impressive” what is happening to the price of BTC is.
At the time of writing, BTC has dropped to $61,500, after starting its bull run on February 26, surpassing the $60,000 threshold. Not only that, on February 28, BTC reached $63,700, getting closer and closer to its all-time high of $69,000 reached in November 2021.
