- Crypto market about to experience a significant growth
- Bloomberg predicts BTC could sell as high as $100,000
Matt Hougan —Chief Investment Officer of Bitwise— in an interview with Laura Shin revealed that major institutions and big financial houses have begun to see cryptocurrency as a powerful investment platform. He noted that the crypto market is about to start rising massively.
He further noted that the market is witnessing a significant leap in acceptance and adoption as more hedge funds and several financial and economic advisers have taken a great interest in the crypto market.
Matt noted that institutions now accept cryptocurrencies. This he believes is driven by the level of improvements made in trading, custody, regulations and the advancements that have been recorded in the decentralized finance sector.
He said these are just early signs that show the crypto market has reached a level of growth that has made it acceptable as an investment conduit.
PayPal entrance into Crypto Market is a game-changer
The CIO noted that the recent entrance of PayPal into the crypto market confirms his thought that institutions now view cryptocurrency as a viable tool for investments.
He said that retail adoption would not happen suddenly. It is going to take a process; however, other institutions would be forced to get into the market now because of PayPal’s involvement.
He believes that PayPal entrance into the market has cleared the way for other financial institutions to make an entrance into the market too.
Matt went on to highlight how prominent financial analysts now posits that Bitcoin could sell for a very high price. He used the example of a Senior Commodity Strategist with Bloomberg that predicted that BTC could sell for as high as six figures ($100,000).
He also cites J.P Morgan, who predicts that the price of BTC could go as high as ten times if it can replace gold. He further mentions that those prices used to be laughed at in the past, but, the analysts now recognize the possibility of this happening.