Bitwise CEO: Bitcoin Had Its ‘IPO Moment’, What It Means For Price
27 Février 2024 - 10:20AM
NEWSBTC
In a statement via X (formerly Twitter), Hunter Horsley, CEO of
Bitwise Invest, shared insights from a recent memo to advisors and
institutional clients penned by Matt Hougan, Bitwise’s Chief
Investment Officer. The memo heralded the onset of a new era for
Bitcoin, likening its current trajectory in the financial markets
to having an ‘initial public offering’ (IPO) moment, signaling a
major shift in price discovery mechanisms for the cryptocurrency.
Bitcoin’s IPO Moment Hougan’s memo elaborates on the seismic shift
within the Bitcoin investment landscape, stating, “Previously, only
a fraction of the world’s investors could access Bitcoin—mostly
self-directed retail investors and technologists. That group drove
the price above $40,000. Now, thanks to the ETFs, every investor in
the world—financial advisors, family offices, institutions,
endowments, and others—can access Bitcoin.” This transition is
likened to “going from 10 normal people bidding on a house to 100
very wealthy people bidding on a house, overnight,” thus naturally
propelling the price upward. Related Reading: Bitcoin Surges To New
26-Month High, ‘Whales Go Parabolic’ As Analyst Forecasts Rally
Toward $60,500 Emphasizing the magnitude of this shift, the memo
reads, “It’s like bitcoin had its initial public offering and the
market is now finding its true price,” underlining the
transformative impact of ETFs in democratizing access to Bitcoin
for a global pool of investors. With the world’s asset and wealth
managers controlling approximately $115 trillion in capital, a
modest allocation of 1% to Bitcoin could result in over $1 trillion
of buying pressure, a figure that is approximately equal to
Bitcoin’s current market capitalization. The memo also draws
attention to the pivotal role of long-term Bitcoin holders in this
new era of price discovery. With Bitcoin ETFs acquiring more than
the total new supply generated by miners, the decision of these
long-term holders to sell or hold could significantly influence
market dynamics. Hougan notes, “Close to 70% of all bitcoin hasn’t
moved in a year,” suggesting a robust holding pattern among
investors which could set the stage for price escalations as demand
continues to surge. Related Reading: Ethereum Leaves Bitcoin
Behind, But Is This Rally Sustainable? Further reinforcing
Bitwise’s bullish outlook, Ryan Rasmussen, a researcher at the
firm, provided a tangible price target during a Yahoo Finance
interview. He affirmed, “We think that Bitcoin will certainly set
all-time highs in 2024…We still stand by that prediction. […] That
previous price is around $69,000, but we think it won’t stop there,
we will see at least a 10-15% bump over the all-time high […] That
would take us to […] $88,000, and I am still sticking by that with
all the excitement in the market.” "Ultimately what we're seeing is
crypto kind of rising from the ashes of the 2022 market," Bitwise's
@RasterlyRock says on the crypto rally. "We think that we're in a
multi-year bull cycle and all elements of the crypto space will
certainly have their moment." pic.twitter.com/Fj1ohKUwjS — Yahoo
Finance (@YahooFinance) February 26, 2024 These projections and
analyses from Bitwise’s leadership highlight a consensus view of
Bitcoin entering a groundbreaking phase of price discovery. The
narrative of Bitcoin’s ‘IPO moment’, coupled with expanded investor
access through ETFs and the steadfastness of long-term holders,
crafts a compelling forecast of growth and new price benchmarks for
the world’s leading cryptocurrency. At press time, BTC traded at $
Featured image created with DALL·E, chart from TradingView.com
Sei (COIN:SEIUSD)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Sei (COIN:SEIUSD)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024