Home Cryptocurrency Bitwise CIO ‘not so sure’ about Bitcoin hitting $100K in 2021

Bitwise CIO ‘not so sure’ about Bitcoin hitting $100K in 2021

by Serge Shlykov

Bitwise CIO Jimmy Song joins us to discuss what he’s not so sure about in the crypto market. Topics include Bitcoin possibly reaching $100K by 2021, current sentiment around BTC, and how blockchain will disrupt technology as we know it.

The “if bitcoin hits 100k what will ethereum be” is a question that has been asked by many in the cryptocurrency community. The Bitwise CIO, not so sure about Bitcoin hitting $100K in 2021.

As the year 2022 approaches, some cryptocurrency investment experts are beginning to wonder if Bitcoin (BTC) will be able to reach $100,000 in 2021.

According to Bitwise’s chief investment officer Matt Hougan, Bitcoin is unlikely to reach new all-time highs and move all the way up to $100,000 in the next three weeks, after a huge flash collapse in the cryptocurrency market.

“Predicting $100,000 at the end of the year is a challenging task […] In a Dec. 6 interview, Hougan remarked, “I believe $100,000 is achievable in 2022, but I’m not so sure this year.”

He believes that institutional backing will be a major factor in a possible cryptocurrency rise in 2022. “I believe that as we go forward to 2022, we will still have these basic drivers, the institutions that we talk to every day at Bitwise,” Hougan said, adding that many institutions are still new to the sector.

The CIO also projected that in 2022, there would be a “explosion of activity based on Ethereum” and layer-one solutions, which attempt to enhance the fundamental protocol itself rather than establishing a new protocol to expand the total system.

“Investors will be interested in Ethereum, Solana, or Polygon.” Investors are beginning to recognize that cryptocurrency is more than simply Bitcoin. “Everything else: crypto as DeFi, NFTs, Web3, or metaverse” will be the greater topic for next year, according to Hougan.

While Hougan recognized the potential of altcoins — or currency other than Bitcoin — some prominent members of the crypto community continue to support BTC.

Bobby Lee, the creator and CEO of crypto hardware wallet Ballet, said on December 6 that Bitcoin is “more valuable” than altcoins since it is not backed by “any form of project, or a promise that might fail.”

The Bitcoin price has been closely watched by the crypto community this year, with notable figures in the industry, including Standard Chartered’s cryptocurrency research unit, stock-to-flow model creator PlanB, Morgan Creek Digital Assets co-founder Anthony Pompliano, SkyBridge Capital CEO Anthony Scaramucci, and others, predicting BTC to hit $100,000 by the end of 2021.

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Others in the cryptocurrency world are more cautious.

It’s the year 2050:

“For #Bitcoin, there’s one more shakeout until it’s moon time!” “100,000 EOY”

Grandma, I understand. Let’s get you to bed, shall we? pic.twitter.com/F9RoBF8qdo

November 10, 2021 — Lunch Money (@LunchMoneyMitch)

According to CoinGecko statistics, Bitcoin is now trading at $51,290, having recovered from a low of $47,000 on December 4th. Bitcoin reached an all-time high of almost $67,000 in mid-November, after beginning the year at under $30.

Bitwise CIO ‘not so sure’ about Bitcoin hitting $100K in 2021One-year pricing chart for bitcoin. CoinGecko is the source of this information.

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The “bitcoin price prediction july 2021” is a prediction that the bitcoin price will reach $100K in 2021. The “not so sure” about Bitcoin hitting $100K in 2021 was said by the Bitwise CIO Tim Swanson.

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