Bitcoin could skyrocket to $100,000 by the end of this year, and 2024 might introduce “a new asset class” if the U.S. Securities and Exchange Commission (SEC) approves spot Ethereum exchange-traded funds (ETFs), according to Matt Hougan, Bitwise’s chief investment officer.
“The crypto market is experiencing a strange dynamic right now. Short-term news is bad, but long-term news is promising, creating a huge opportunity for long-term investors,” Hougan stated.
Hougan predicts Bitcoin’s price surge could be driven by various factors, including ongoing inflows to Bitcoin ETFs, the expected approval of an Ethereum ETF this year, and potential interest rate cuts by the U.S. Federal Reserve.
Since their launch in January, Bitcoin ETFs have seen $15.5 billion in inflows, attracting both institutional and retail investors. This number is expected to grow with increased institutional adoption. “When this happens — likely later this year — we could see billions more invested,” Hougan said.
Hougan also highlighted the potential emergence of a new asset class, referring to the SEC’s possible full approval of spot Ethereum ETFs. “If these Ethereum ETFs attract five, ten, or fifteen billion dollars in their first two years, it would be a tremendous success,” he noted.
For those looking to invest in tokenization growth, Ether is key. “Ether is like the picks and shovels of the industry, underpinning it all,” Hougan added.
