Matt Hougan, Chief Investment Officer at Bitwise, believes that Bitcoin’s price could reach $100,000 or even $200,000 in the near future due to increasing demand and limited supply.

In a recent interview, Hougan said that Bitcoin’s rapid rise of up to 50% this year was due to the huge interest in new spot Bitcoin ETFs. “Simply put, there is too much demand and not enough supply,” Hougan said, emphasizing that the launch of Bitcoin ETFs has been a major driver of this trend. “This was Bitcoin’s IPO moment. We are in a period of new price discovery right now, and prices could rise significantly in the future,” he added.

With Bitcoin trading near an all-time high of $62,000, Hougan noted that demand for Bitcoin ETFs has been increasing across different investor groups, including retail investors, hedge funds, and independent financial advisors. However, he expects institutional interest to grow even more in the coming months. “After this interview, I will be on my way to meet with one of the largest institutional advisors in the U.S. about our ETF,” Hougan said, adding that the influx of institutional capital could push prices even higher.

Hougan attributed the Bitcoin price increase to a significant imbalance between supply and demand. He shared data indicating that approximately 30,000 Bitcoins were purchased by ETFs in the past week, while BTC miners produced less than 3,000 new coins in the same period. He also emphasized that the upcoming BTC halving event will further reduce the coin’s supply and put additional upward pressure on prices. “When you think about Bitcoin right now, it’s all about supply and demand. The dynamics are unusual,” Hougan said.

Looking ahead, Hougan suggested that Bitcoin could surpass $200,000 if these conditions continue and expects innovation in the ETF space to continue. Bitwise is also looking for new opportunities in cryptocurrency ETFs, with plans to potentially launch an Ethereum ETF by the end of the year.