Key Points
- Bitwise CEO Hunter Horsley predicts Bitcoin’s price will surge to $100,000 after the 2024 halving event.
- Horsley notes increased Bitcoin investment and research by Registered Investment Advisers (RIAs) and multi-family offices.
Just before the 2024 Bitcoin halving, the price of Bitcoin experienced a significant dip below $60,000 due to heightened geopolitical tensions. However, it quickly rebounded and is now trading 5.39% higher at $64,510, boasting a market cap of $1.270 trillion. Amid the uncertainty following this price volatility, Bitwise CEO Hunter Horsley remains confident in Bitcoin’s potential to reach $100,000 after the halving event.
Horsley’s remarks were in response to banking behemoth JPMorgan’s assertion that the halving is already factored into the price and Bitcoin will continue to trend downward after the event. Horsley disagreed, arguing that investors are significantly underestimating the halving. He pointed out that the market has never previously priced in the halving event, and this time will be no different. Horsley added that Bitcoin has consistently delivered substantial returns in the 12 months following past halving events, suggesting that a $100,000 Bitcoin price is just a 67% increase away.
Horsley’s View on Halving and Bitcoin Demand
Horsley further explained that the halving’s impact isn’t based on the views of current fully invested holders. Instead, it depends on whether there will be significant consistent new demand, coupled with a decrease in the daily availability of natural sellers. From his perspective, he sees consistent new demand in 2024 and the setup for a significant halving.
The Bitwise CEO also stated that geopolitical tensions should not be a reason to sell Bitcoin. He noted that there are hardly any redemptions from long-term investors. He observed that many RIAs and multi-family offices are quietly investing in Bitcoin and researching it, without publicly discussing their involvement with the cryptocurrency.
During recent meetings, Horsley encountered a large firm incorporating Bitcoin into some client accounts while considering its role in their investment model. He also met with a smaller firm interested in their peers’ activities in the cryptocurrency space, wondering if it’s still primarily retail-driven. This trend suggests that firms are quietly exploring Bitcoin investment opportunities, preferring to keep a low profile. Horsley anticipates that eventually, firms will become more transparent about their involvement with Bitcoin, surprising many observers.
It will be intriguing to see how long it takes for Bitcoin to hit a new all-time high and continue its journey towards $100,000.
