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Bitwise CIO: $ 100,000 by the end of the year will be tough



Bitwise's CIO is a little unsure whether Bitcoin will hit $ 100,000 in 2021.

The $ 100,000 by the end of the year will be tough

Many crypto analysts predict that Bitcoin will hit $ 100,000 in 2021, but the price has to get above $ 68,000 to do that.

As the end of the year approaches, some experts doubt whether Bitcoin will have enough time to reach USD 100,000 by the end of 2021.

After the big flash crash, Bitcoin is unlikely to hit a new all-time high and hit $ 100,000 in the next three weeks, Bitwise Chief Investment Officer Matt Hougan said in an interview.

"$ 100,000 by the end of the year is hard to predict [...] I think it could reach $ 100,000 in 2022, but I'm not so sure this year."

He noted that a potential Bitcoin rally in 2022 is largely due to growing institutional support.

"I think if we look at 2022 we still have these fundamental drivers, the institutions that we talk to every day at Bitwise."

He added that many institutions are still entering the market for the first time.

Hougan also forecast that there will be an explosion of activities based on Ethereum and Layer-One solutions in 2022.

“Investors will look at Ethereum, Solana or Polygon. Investors are beginning to realize that crypto is more than just bitcoin. If there's a bigger story for next year, it will be everything else: crypto as DeFi, NFTs, Web3 or Metaverse. "

While Hougan also sees growing potential for altcoins, some celebs are still sticking with Bitcoin.

Bobby Lee, founder and CEO of the crypto hardware wallet Ballet, argued on Monday that bitcoin is more valuable than altcoins because it is not backed by any project or promise that can fail.

Many celebrities, including Standard Chartered's cryptocurrency research unit, PlanB, Morgan Creek Digital Assets Co-Founder Anthony Pompliano, SkyBridge Capital CEO Anthony Scaramucci and still believe the $ 100,000 is possible by year-end.

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