According to U.Today, Bitwise CIO Matt Hougan has predicted that Bitcoin's price could continue to rise, despite its recent dip below the $63,000 mark. Hougan highlighted that Bitcoin has increased by 9,700% over the past decade and believes it still has the potential to reach six-figure territory this year. He emphasized Bitcoin's value as a digital store of wealth that does not rely on any centralized entity, comparing it to services like Salesforce.

Hougan explained that the value of Bitcoin is directly correlated with the number of people who want to use it. He stated that if more people desire Bitcoin's service, its value will increase, and if fewer people want it, the value will decrease. This perspective counters the frequent arguments made by Bitcoin critics, such as gold advocate Peter Schiff, who has labeled Bitcoin as a speculative asset with no intrinsic value.

Hougan's comments come amid renewed selling pressure on Bitcoin, but many analysts remain optimistic about its future potential. The cryptocurrency market continues to attract attention, with various experts weighing in on its long-term viability and potential for growth.