Bitwise Chief Investment Officer Matt Hougan reveals the catalysts he believes will push Bitcoin (BTC) to $100,000 and beyond.
Hougan say on social media platform
According to the head of Bitwise, major central banks are pursuing accommodative monetary policies as Bitcoin supply decreases after this year’s halving, when rewards for BTC miners were halved.
“We’re going to six-figure Bitcoin.
* ETF flows accelerate again
*Elections approaching
* Infinite Deficits (Bipartisan Agreement!)
* Economic stimulus measures in China
* Global interest rate cuts (Fed, ECB)
* Halving the supply shock is starting to bite
* Whales are stacking up.”
Hougan also highlights Bitwise’s data on Bitcoin Exchange-Traded Funds (ETFs), which shows inflows have surpassed $20 billion this year. The chart shows that BTC ETFs have vastly outperformed their gold counterparts in terms of inflows during the first year of their existence.
“This.”
Bloomberg senior ETF analyst Erich Balchunas explains the significance of the massive inflows Bitcoin ETFs have witnessed this year. According to Balchunas, gold ETFs had to wait half a decade before seeing a similar capital allocation.
“Bitcoin ETFs have crossed the $20 billion mark (the most important number and hardest metric to grow in the ETF world) for the first time after a huge week of $1.5 billion in total net flows.
For context, it took gold ETFs about five years to reach the same number. Total assets now amount to $65 billion, also a high.”
At the time of writing, Bitcoin is trading at $68,172.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney
Credit : dailyhodl.com
