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



As 2022 attracts nearer, some cryptocurrency funding consultants are actually uncertain on whether or not Bitcoin (BTC) has sufficient time to hit $100,000 in 2021.

Following a serious flash crash in the cryptocurrency market, Bitcoin is unlikely to interrupt new all-time highs in the subsequent three weeks and go all the way in which as much as $100,000, in line with Bitwise’s chief funding officer Matt Hougan.

“$100,000 by the end of the year is a difficult prediction to make […] I think $100,000 could be in target in 2022 but this year, I’m not so sure,” Hougan mentioned in a Dec. 6 interview.

He famous {that a} potential cryptocurrency rally in 2022 will likely be largely because of rising institutional assist. “I think as we look into 2022, we still have these fundamental drivers, the institutions we speak to everyday at Bitwise,” Hougan mentioned, including that many establishments are nonetheless transferring into the marketplace for the primary time.

The CIO additionally predicted that 2022 will see an “explosion of activity built on Ethereum” and layer-one options, or these aiming to enhance the bottom protocol itself to scale the general system fairly than creating a unique protocol.

“Investors are going to be looking at Ethereum, Solana, or Polygon. Investors are starting to realize there’s more to crypto than just Bitcoin. If there’s one bigger story for next year, it’s going to be everything else: crypto as DeFi, NFTs, Web3, or metaverse,” Hougan predicted.

Whereas Hougan famous the rising potential of altcoins — or cash apart from Bitcoin — some distinguished figures in the crypto group are nonetheless sticking with BTC.

Bobby Lee, founder and CEO of crypto {hardware} pockets Ballet, argued Dec. 6 that Bitcoin is “more valuable” than altcoins as a result of Bitcoin is just not backed by “any sort of project, or a promise that can fail.”

The crypto group has been watching the Bitcoin worth intently this 12 months with notable figures in the business predicting BTC to hit $100,000 by the tip of 2021, together with Normal Chartered’s cryptocurrency analysis unit, stock-to-flow mannequin creator PlanB, Morgan Creek Digital Belongings co-founder Anthony Pompliano, SkyBridge Capital CEO Anthony Scaramucci and others.

Associated: Bitcoin to hit $250K in January 2022 however ‘invalidate’ S2FX BTC worth mannequin — New prediction

Others in the crypto group have taken a extra skeptical view.

The 12 months is 2050:

“One more shakeout for #Bitcoin  and then it’s moon time! 100k EOY”

Okay Grandma let’s get you to mattress.

— Lunch Cash (@LunchMoneyMitch) November 10, 2021

On the time of writing, Bitcoin is buying and selling at $51,290, notably recovering after dropping under $47,000 on Dec. 4, in line with knowledge from CoinGecko. After beginning 2021 at round $30,000, Bitcoin hit its all-time excessive above $67,000 in mid-November.

Bitcoin one-year worth chart. Supply: CoinGecko

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