Hunter Horsley, the Chief Executive Officer (CEO) of crypto index fund manager, Bitwise, has stayed highly optimistic about the Bitcoin bullish outlook, predicting that the cryptocurrency will witness a rise to $250,000 sooner than most think.
BTC’S Road To $250,000
In a recent X (formerly Twitter) post on Wednesday, Horsley made a bold prediction about Bitcoin, foreseeing the cryptocurrency rising to new all-time highs never seen before. The CEO has stated that BTC could reach $250,000, jumping over four times its current price above $62,000.
Furthermore, Horsley has expressed his belief that BTC could rival gold in the future. He anticipates that the fast-rising cryptocurrency would “eat into gold’s Total Addressable Market (TAM) faster than people expect.”
Highlighting Bitcoin’s formidable potential in relation to hold, on Wednesday, February 28, Spot Bitcoin ETFs dominated Gold ETFs in the market, with over $578 million flowing into Spot Bitcoin ETFs while gold ETFs experienced 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 also revealed that Spot Bitcoin ETFs were BTC’S Initial Public Offering (IPO) moment. Consequently, these investment assets have enhanced BTC’S accessibility for both institutional and retail investors, increasing its exposure and propelling the market value forward by tenfold.
While Horsley has not provided a specific timeline for his $250,000 Bitcoin prediction, the CEO has maintained a long-term bullish outlook for the cryptocurrency. He has also emphasized the need to invest in BTC, stating that “waiting was costly” and yesterday’s price should serve as a reminder to seize any opportunity to purchase Bitcoin.
Bitcoin Shows No Signs Of Slowing Down
According to Horsley, Bitcoin is showing no signs of stopping its upward momentum anytime soon. The Bitwise CEO has revealed that the price of the cryptocurrency is likely to accelerate rather than slow down.
At the time of writing, BTC is trading at a price of $62,142, reflecting a substantial 8.77% increase in just 24 hours. At one point yesterday, the cryptocurrency was trading above $57,000. However, after achieving unprecedented gains, Bitcoin has successfully crossed the coveted $60,000 price mark and is rapidly approaching its overall all-time high of $68,789 in November 2021.
Horsley has disclosed that this rapid rise in Bitcoin’s price is largely attributed to the success of the Spot Bitcoin ETFs. He has highlighted the possibility of the entire United States capital markets investing in Spot Bitcoin ETFs for the first time, providing a massive opportunity to boost Bitcoin’s adoption and increase the value of the cryptocurrency.
BTC price continues to rise | Source: BTCUSD on Tradingview.com
Featured image from Interia, chart from Tradingview.com
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Author: Scott Matherson
