Bitwise CIO ‘no longer so positive’ about Bitcoin hitting $100K in 2021

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As 2022 attracts nearer, some cryptocurrency funding mavens are actually in doubt on whether or not Bitcoin (BTC) has sufficient time to hit $100,000 in 2021.

Following a significant flash crash within the cryptocurrency marketplace, Bitcoin is not likely to damage new all-time highs within the subsequent 3 weeks and pass the entire approach as much as $100,000, in line with Bitwise’s leader funding officer Matt Hougan.

“$100,000 by means of the top of the 12 months is a troublesome prediction to make […] I believe $100,000 may well be in goal in 2022 however this 12 months, I’m no longer so positive,” Hougan stated in a Dec. 6 interview.

He famous {that a} attainable cryptocurrency rally in 2022 will likely be in large part due to rising institutional strengthen. “I believe as we glance into 2022, we nonetheless have those elementary drivers, the establishments we talk to on a regular basis at Bitwise,” Hougan stated, including that many establishments are nonetheless transferring into the marketplace for the primary time.

The CIO additionally predicted that 2022 will see an “explosion of job constructed on Ethereum” and layer-one answers, or the ones aiming to toughen the bottom protocol itself to scale the entire device fairly than developing a special protocol.

“Investors are going to be having a look at Ethereum, Solana, or Polygon. Investors are beginning to notice there’s extra to Crypto than simply Bitcoin. If there’s one larger tale for subsequent 12 months, it’s going to be the entirety else: Crypto as DeFi, NFTs, Web3, or metaverse,” Hougan predicted.

While Hougan famous the rising attainable of altcoins — or cash rather than Bitcoin — some outstanding figures within the Crypto group are nonetheless sticking with BTC.

Bobby Lee, founder and CEO of Crypto {hardware} pockets Ballet, argued Dec. 6 that Bitcoin is “extra treasured” than altcoins as a result of Bitcoin isn’t subsidized by means of “any form of mission, or a promise that may fail.”

The Crypto group has been looking at the Bitcoin value intently this 12 months with notable figures within the trade predicting BTC to hit $100,000 by means of the top of 2021, together with Standard Chartered’s cryptocurrency analysis unit, stock-to-flow fashion author PlanB, Morgan Creek Digital Assets co-founder Anthony Pompliano, SkyBridge Capital CEO Anthony Scaramucci and others.

Related: Bitcoin to hit $250K in January 2022 however ‘invalidate’ S2FX BTC value fashion — New prediction

Others within the Crypto group have taken a extra skeptical view.

The 12 months is 2050:

“One extra shakeout for #Bitcoin  after which it’s moon time! 100k EOY”

Ok Grandma let’s get you to mattress. percent.twitter.com/F9RoBF8qdo

— Lunch Money (@LunchMoneyMitch) November 10, 2021

At the time of writing, Bitcoin is buying and selling at $51,290, significantly recuperating after shedding under $47,000 on Dec. 4, in line with information from CoinGecko. After beginning 2021 at round $30,000, Bitcoin hit its all-time top above $67,000 in mid-November.

Bitcoin one-year value chart. Source: CoinGecko

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