Matt Hougan, CIO Bitwise: Bitcoin Will Soar To IDR 1.6 Billion At The End Of The Year

Matt Hougan, CIO Bitwise; Bitcoin will jump to IDR 1.6 billion by the end of the year (Photo; Doc. Bitcoinist)

JAKARTA - Bitwise's Chief Investment Officer (CIO), Matt Hougan, estimates that the Bitcoin price could reach 100,000 US Dollars (approximately IDR 1.6 billion) by the end of this year. Although Bitcoin is currently trading below 60,000 US Dollars (approximately IDR 971 million), to be precise 57,800 US Dollars (approximately IDR 936 million), Hougan sees significant potential for long-term investors.

The latest decline in the Bitcoin market is considered a unique opportunity for long-term investors by Matt Hougan. In a recent note, Hougan highlighted several key factors that could drive the value of this cryptocurrency to reach 100,000 US Dollars by the end of the year. These factors include the flow of extraordinary funds to Bitcoin spot ETP exchange products, the impact of recent Bitcoin stopping, and the possibility of recording Ethereum ETP spots by Securities and Exchange Commission (SEC).

According to Bitcoin.com News information, Hougan noted that since its launch, the spot's Bitcoin ETP has raised 15 billion US Dollars (approximately IDR 242 trillion) in net new assets, and he expects this figure to grow significantly after the ETP is approved for use by large wealth management platforms such as Morgan Stanley and Wells Fargo.

He also pointed out that recent Haling Bitcoin, which reduced Bitcoin's new supply by 50%, has historically led to a significant price increase in the following year. In addition, it is hoped that ETP Ethereum spot approval can attract large investments, which further increases the market.

However, the current price of Bitcoin is still under pressure due to some short-term liquidity shocks, according to Hougan. He mentioned the distribution of more than 8 billion US Dollars (approximately Rp129 trillion) in Bitcoin by Mt. Gox to its creditors, the potential sale of 12 billion US Dollars (approximately Rp194 trillion) in Bitcoin by the US government from the confiscation of Silk Road, and the sale of Bitcoin by the German government from the previous confiscation. Despite this pressure, Hougan remains optimistic, emphasizing that this is a one-time event to pass, allowing a fundamental positive trend to drive the market up.

Hougan believes that a combination of favorable regulatory changes, institutional adoption, and intrinsic benefits from Bitcoin will address current market barriers. He advises long-term investors to look at current market conditions as a strategic entry point, strengthening his belief that Bitcoin's long-term prospects remain very strong.