While there’s been an awful lot of calls for bitcoin to reach six-digits in value in 2021, as the end of the year draws closer, it doesn’t seem like $100K per bitcoin will happen. Bitwise Asset Management’s chief investment officer Matt Hougan told the press on Monday that “$100,000 by the end of the year is a difficult prediction to make.”
$ 100,000 bitcoin prices may be inaccessible in 2021 – Bitwise Exec Says Next Year “Investors Will Look To Ethereum”
For much of the year, many bitcoin advocates, pundits, luminaries and analysts predicted that bitcoin (BTC) would surely hit the $ 100,000 per unit range in 2021. One of the more popular predictions belongs to Plan B, the creator of the stock-to-flow (S2F) bitcoin price model. Plan B noted based on the pseudonymous analyst’s “2021 worst case scenario (price / channel based)” would be “Aug> 47K, Sep> 43K, Oct> 63K, Nov> 98K, Dec> 135K”.
However, November’s price call missed and the $135K prediction looks like it will miss as well. Bitcoin would have to double in value over the next 24 days gathering a touch over 96% during that time. Plan B is not the only one that has predicted BTC could hit six-digits in USD value by the year’s end. The financial institution Standard Chartered predicted at the beginning of September that bitcoin’s value could reach $100K by the end of the year.
Yahoo Finance contributor Javier David said on Oct. 21 that “suddenly a move from bitcoin to $ 100,000 doesn’t seem so far-fetched.” In fact, a large number of analysts have stated that at some point in the future bitcoin prices will hit the six-figure zone or $ 100,000 or more per unit. Speaking to Bloomberg’s Emily Chang, Bitwise Asset Management CIO Matt Hougan explained that it will be difficult to reach $ 100,000 in bitcoin in 2021. Hougan further explained that Ethereum (ETH) was ” asset of the year “in 2021.
“I think as we look into 2022, we still have these fundamental drivers, the institutions we speak to every day at Bitwise,” Hougan explained. “$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 remarked.
Hougan predicts “explosion of activity built on Ethereum”
When it comes to the second-largest crypto asset by market cap, ethereum (ETH), Hougan believes 2021 was the year of digital currency. While noting Bloomberg’s Chang that Ethereum was “Asset of the Year,” Hougan also pointed out that there would be an “explosion of activity built on Ethereum” next year. But investors will also be looking at other smart contract blockchain networks, Bitwise’s CIO said. Hougan added:
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.