Bitwise CIO considers the target of $100,000 for Bitcoin (BTC) in 2021 as impossible

The majority of the crypto community is predicting Bitcoin to break $100,000 in 2021, but BTC has yet to recover above $68,000. As a result, some experts have begun to form skepticism about this trend.

After a flash crash in the crypto market over the weekend when Bitcoin “bottomed out” to $42,000, Bitwise Chief Investment Officer Matt Hougan said BTC is unlikely to break the highs. new all-time in the next three weeks and hit the $100,000 goal by year-end.

“I think $100,000 can be easily done in 2022 but this year, I fear it will be very difficult.”

Matt Hougan noted Bitcoin’s disruptive potential in 2022 will be largely due to the growing support coming from institutions and governments. Looking into 2022, the market still has these underlying dynamics, Hougan said, with many institutions still looking to get in and get exposure to Bitcoin.

In addition, the Bitwise CIO also predicts that 2022 will see an explosion of activity built on Ethereum and layer 1 networks, or solutions aimed at improving the underlying protocol itself to scale. scale the overall system instead of creating a different protocol.

“Investors will be looking at Ethereum (ETH), Solana (SOL) or Polygon (MATIC). They are starting to realize that there is more to it than Bitcoin. If there is a bigger story for next year, it would be DeFi, NFT, Web3 or the metaverse.”

– See more: What is the reason that the metaverse can become a trillion dollar market in the next few years?

While Hougan prioritizes the growing potential of altcoins in various fields, several prominent figures in the crypto community are still sticking to BTC. Bobby Lee, founder and CEO of crypto wallet Ballet, has argued that Bitcoin is more valuable than altcoins because investors are not backed by anything beyond a promise from the project.

However, the milestone of $ 100,000 for Bitcoin in 2021 is still reinforced and trusted by many famous cryptocurrency research units in the market, including Standard Chartered bank, the creator of the Stock model- to-Flow PlanB, co-founder of Morgan Creek Digital Assets, Anthony Pompliano, SkyBridge Capital CEO Anthony Scaramucci and others.

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