While thereâ€™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 doesnâ€™t seem like $100K per bitcoin will happen. Bitwise Asset Managementâ€™s chief investment officer Matt Hougan told the press on Monday that â€œ$100,000 by the end of the year is a difficult prediction to make.â€
$100K Bitcoin Prices May Be Unattainable in 2021 â€” Bitwise Exec Says Next Year â€˜Investors Are Going to Be Looking at Ethereumâ€™
For a good portion of the year, many bitcoin advocates, experts, luminaries, and analysts predicted that bitcoin (BTC) would surely hit the $100K per unit range in 2021. One of the most popular forecasts belongs to Plan B, the creator of the stock-to-flow (S2F) bitcoin price model. Plan B said based on the pseudonymous analystâ€™s â€œworst case scenario for 2021 (price/on-chain based)â€ would be â€œAug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K.â€
However, Novemberâ€™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 yearâ€™s end. The financial institution Standard Chartered predicted at the beginning of September that bitcoinâ€™s value could reach $100K by the end of the year.
Yahoo Finance contributor, Javier David, said on October 21, that â€œsuddenly, a bitcoin move to $100K doesnâ€™t seem so farfetched.â€ In fact thereâ€™s a great number of analysts that have said that at some point in the future, bitcoin prices will touch the six-digit zone or $100,000 or more per unit. Speaking with Bloombergâ€™s Emily Chang, Bitwise Asset Managementâ€™s CIO Matt Hougan explains that bitcoin hitting $100K will be difficult in 2021. Hougan further explained that ethereum (ETH) was the â€œasset of the yearâ€ in 2021.
â€œI think as we look into 2022, we still have these fundamental drivers, the institutions we speak to every day at Bitwise,â€ Hougan explained. â€œ$100,000 by the end of the year is a difficult prediction to make â€” I think $100,000 could be in target in 2022 but this year, Iâ€™m not so sure,â€ Hougan remarked.
Hougan Predicts an â€˜Explosion of Activity Built on Ethereumâ€™
As far as the second-largest crypto asset by market capitalization, ethereum (ETH), Hougan thinks 2021 was the digital currencyâ€™s year. While noting to Bloombergâ€™s Chang that ethereum was the â€œasset of the year,â€ Hougan also stressed that there will be an â€œexplosion of activity built on Ethereumâ€ next year. But investors will be looking at other smart contract blockchain networks as well, the Bitwise CIO said. Hougan added:
Investors are going to be looking at Ethereum, Solana, or Polygon. Investors are starting to realize thereâ€™s more to crypto than just Bitcoin. If thereâ€™s one bigger story for next year, itâ€™s going to be everything else: crypto as defi, NFTs, Web3, or metaverse.
What do you think about the Bitwise CIOâ€™s cryptocurrency predictions? Let us know what you think about this subject in the comments section below.