Hunter Horsley, the Chief Government 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 ahead of most assume.
BTC’S Street To $250,000
In a current 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 acknowledged 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 Complete Addressable Market (TAM) quicker than individuals count on.”
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 traders, 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 spend money on BTC, stating that “ready was pricey” and yesterday’s worth ought to function a reminder to grab any alternative to purchase Bitcoin.
Bitcoin Exhibits No Indicators Of Slowing Down
In keeping with Horsley, Bitcoin is displaying no indicators of stopping its upward momentum anytime quickly. The Bitwise CEO has revealed that the value of the cryptocurrency is prone to speed up moderately than decelerate.
On the time of writing, BTC is buying and selling at a worth of $62,142, reflecting a considerable 8.77% enhance in simply 24 hours. At one level yesterday, the cryptocurrency was buying and selling above $57,000. Nevertheless, after achieving unprecedented gains, Bitcoin has efficiently crossed the coveted $60,000 worth mark and is quickly approaching its general all-time excessive of $68,789 in November 2021.
Horsley has disclosed that this speedy rise in Bitcoin’s worth is basically attributed to the success of the Spot Bitcoin ETFs. He has highlighted the opportunity of your entire United States capital markets investing in Spot Bitcoin ETFs for the primary time, offering a large alternative to spice up Bitcoin’s adoption and enhance the worth of the cryptocurrency.
BTC worth continues to rise | Supply: BTCUSD on Tradingview.com
Featured picture from Interia, chart from Tradingview.com
Disclaimer: The article is offered for academic functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your individual analysis earlier than making any funding selections. Use info offered on this web site totally at your individual threat.
