Bitcoin Hits $93,000 — Bitwise Predicts $500,000

Although Bitcoin has hit a new high, there is still a lot of room for growth, according to Matt Hougan, chief investment officer at asset manager Bitwise. He predicts that #Bitcoin could hit $500,000 in the future and asserts that it is not too late to invest in the asset.

Bitcoin prices have surged since Donald Trump won the US presidential election and continued to hit a new high near $93,500 on Wednesday. Hougan believes that $BTC will increasingly be accepted as a store of value, competing with gold, especially as fiat currencies lose value due to inflation.

Bitcoin was originally created as a peer-to-peer payment network, but over time, it has gradually become a store of value with high profit potential. Hougan believes that when Bitcoin begins to take over gold’s market share, that will be the time when the asset “matures.”

However, Hougan also cautioned that there is no guarantee that Bitcoin will reach $500,000 or even surpass $100,000, highlighting the potential risks of investing in cryptocurrencies.