Hunter Horsley, the Chief Govt Officer (CEO) of crypto index fund supervisor, Bitwise, has stayed extremely optimistic concerning the Bitcoin bullish outlook, predicting that the cryptocurrency will witness an increase to $250,000 earlier than most suppose.
BTC’S Street To $250,000
In a latest X (previously Twitter) put up on Wednesday, Horsley made a bold prediction about Bitcoin, foreseeing the cryptocurrency rising to new all-time highs by no means seen earlier than. The CEO has said that BTC might attain $250,000, leaping over 4 instances its present worth above $62,000.
Moreover, Horsley has expressed his perception that BTC could rival gold sooner or later. He anticipates that the fast-rising cryptocurrency would “eat into gold’s Whole Addressable Market (TAM) sooner than folks anticipate.”
Highlighting Bitcoin’s formidable potential in relation to carry, on Wednesday, February 28, Spot Bitcoin ETFs dominated Gold ETFs available in the market, with over $578 million flowing into Spot Bitcoin ETFs whereas gold ETFs skilled outflows of $17 million. These substantial inflows underscore the rising demand and potential superiority of Spot Bitcoin ETFs over gold ETFs.
The Bitwise CEO has additionally revealed that Spot Bitcoin ETFs had been BTC’S Preliminary Public Providing (IPO) second. Consequently, these funding belongings have enhanced BTC’S accessibility for each institutional and retail buyers, rising its publicity and propelling the market worth ahead by tenfold.
Whereas Horsley has not offered a particular timeline for his $250,000 Bitcoin prediction, the CEO has maintained a long-term bullish outlook for the cryptocurrency. He has additionally emphasised the necessity to put money into BTC, stating that “ready was expensive” and yesterday’s worth ought to function a reminder to grab any alternative to purchase Bitcoin.
Bitcoin Exhibits No Indicators Of Slowing Down
Based on Horsley, Bitcoin is displaying no indicators of stopping its upward momentum anytime quickly. The Bitwise CEO has revealed that the worth of the cryptocurrency is more likely to speed up relatively than decelerate.
On the time of writing, BTC is buying and selling at a worth of $62,142, reflecting a considerable 8.77% improve in simply 24 hours. At one level yesterday, the cryptocurrency was trading above $57,000. Nevertheless, after achieving unprecedented gains, Bitcoin has efficiently crossed the coveted $60,000 worth mark and is quickly approaching its total all-time excessive of $68,789 in November 2021.
Horsley has disclosed that this fast rise in Bitcoin’s worth is essentially attributed to the success of the Spot Bitcoin ETFs. He has highlighted the potential of your complete United States capital markets investing in Spot Bitcoin ETFs for the primary time, offering an enormous alternative to spice up Bitcoin’s adoption and improve the worth of the cryptocurrency.
BTC worth continues to rise | Supply: BTCUSD on Tradingview.com
Featured picture from Interia, chart from Tradingview.com
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