In a statement via X (formerly Twitter), Hunter Horsley, CEO of Bitwise Invest, shared insights from a recent memo to advisors and institutional clients penned by Matt Hougan, Bitwise\u2019s Chief Investment Officer. The memo heralded the onset of a new era for Bitcoin, likening its current trajectory in the financial markets to having an \u2018initial public offering\u2019 (IPO) moment, signaling a major shift in price discovery mechanisms for the cryptocurrency.<\/p>\n
Hougan\u2019s memo<\/a> elaborates on the seismic shift within the Bitcoin investment landscape, stating, \u201cPreviously, only a fraction of the world\u2019s investors could access Bitcoin\u2014mostly self-directed retail investors and technologists. That group drove the price above $40,000. Now, thanks to the ETFs, every investor in the world\u2014financial advisors, family offices, institutions, endowments, and others\u2014can access Bitcoin.\u201d This transition is likened to \u201cgoing from 10 normal people bidding on a house to 100 very wealthy people bidding on a house, overnight,\u201d thus naturally propelling the price upward.<\/p>\n Emphasizing the magnitude of this shift, the memo reads, \u201cIt\u2019s like bitcoin had its initial public offering and the market is now finding its true price,\u201d underlining the transformative impact of ETFs in democratizing access to Bitcoin for a global pool of investors. With the world\u2019s asset and wealth managers controlling approximately $115 trillion in capital, a modest allocation of 1% to Bitcoin could result in over $1 trillion of buying pressure, a figure that is approximately equal to Bitcoin\u2019s current market capitalization.<\/p>\n The memo also draws attention to the pivotal role of long-term Bitcoin holders in this new era of price discovery. With Bitcoin ETFs acquiring more than the total new supply generated by miners, the decision of these long-term holders to sell or hold could significantly influence market dynamics. Hougan notes, \u201cClose to 70% of all bitcoin hasn\u2019t moved in a year<\/a>,\u201d suggesting a robust holding pattern among investors which could set the stage for price escalations as demand continues to surge.<\/p>\n Further reinforcing Bitwise\u2019s bullish outlook, Ryan Rasmussen, a researcher at the firm, provided a tangible price target during a Yahoo Finance interview. He affirmed, \u201cWe think that Bitcoin will certainly set all-time highs in 2024\u2026We still stand by that prediction. [\u2026] That previous price is around $69,000, but we think it won\u2019t stop there, we will see at least a 10-15% bump over the all-time high [\u2026] That would take us to [\u2026] $88,000, and I am still sticking by that with all the excitement in the market.\u201d<\/p>\n “Ultimately what we’re seeing is crypto kind of rising from the ashes of the 2022 market,” Bitwise’s @RasterlyRock<\/a> says on the crypto rally. “We think that we’re in a multi-year bull cycle and all elements of the crypto space will certainly have their moment.” pic.twitter.com\/Fj1ohKUwjS<\/a><\/p>\n \u2014 Yahoo Finance (@YahooFinance) February 26, 2024<\/a><\/p>\n\n These projections and analyses from Bitwise\u2019s leadership highlight a consensus view of Bitcoin entering a groundbreaking phase of price discovery<\/a>. The narrative of Bitcoin\u2019s \u2018IPO moment\u2019, coupled with expanded investor access through ETFs<\/a> and the steadfastness of long-term holders, crafts a compelling forecast of growth and new price benchmarks for the world\u2019s leading cryptocurrency.<\/p>\n At press time, BTC traded at $<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n In a statement via X (formerly Twitter), Hunter Horsley, CEO of Bitwise Invest, shared insights from a recent memo to advisors and institutional clients penned by Matt Hougan, Bitwise\u2019s Chief Investment Officer. The memo heralded the onset of a new era for Bitcoin, likening its current trajectory in the financial markets to having an \u2018initial public offering\u2019 (IPO) moment, signaling a major shift in price discovery mechanisms for the cryptocurrency.<\/p>\n Hougan\u2019s memo<\/a> elaborates on the seismic shift within the Bitcoin investment landscape, stating, \u201cPreviously, only a fraction of the world\u2019s investors could access Bitcoin\u2014mostly self-directed retail investors and technologists. That group drove the price above $40,000. Now, thanks to the ETFs, every investor in the world\u2014financial advisors, family offices, institutions, endowments, and others\u2014can access Bitcoin.\u201d This transition is likened to \u201cgoing from 10 normal people bidding on a house to 100 very wealthy people bidding on a house, overnight,\u201d thus naturally propelling the price upward.<\/p>\n Emphasizing the magnitude of this shift, the memo reads, \u201cIt\u2019s like bitcoin had its initial public offering and the market is now finding its true price,\u201d underlining the transformative impact of ETFs in democratizing access to Bitcoin for a global pool of investors. With the world\u2019s asset and wealth managers controlling approximately $115 trillion in capital, a modest allocation of 1% to Bitcoin could result in over $1 trillion of buying pressure, a figure that is approximately equal to Bitcoin\u2019s current market capitalization.<\/p>\n The memo also draws attention to the pivotal role of long-term Bitcoin holders in this new era of price discovery. With Bitcoin ETFs acquiring more than the total new supply generated by miners, the decision of these long-term holders to sell or hold could significantly influence market dynamics. Hougan notes, \u201cClose to 70% of all bitcoin hasn\u2019t moved in a year<\/a>,\u201d suggesting a robust holding pattern among investors which could set the stage for price escalations as demand continues to surge.<\/p>\n Further reinforcing Bitwise\u2019s bullish outlook, Ryan Rasmussen, a researcher at the firm, provided a tangible price target during a Yahoo Finance interview. He affirmed, \u201cWe think that Bitcoin will certainly set all-time highs in 2024\u2026We still stand by that prediction. [\u2026] That previous price is around $69,000, but we think it won\u2019t stop there, we will see at least a 10-15% bump over the all-time high [\u2026] That would take us to [\u2026] $88,000, and I am still sticking by that with all the excitement in the market.\u201d<\/p>\n “Ultimately what we’re seeing is crypto kind of rising from the ashes of the 2022 market,” Bitwise’s @RasterlyRock<\/a> says on the crypto rally. “We think that we’re in a multi-year bull cycle and all elements of the crypto space will certainly have their moment.” pic.twitter.com\/Fj1ohKUwjS<\/a><\/p>\n \u2014 Yahoo Finance (@YahooFinance) February 26, 2024<\/a><\/p>\n These projections and analyses from Bitwise\u2019s leadership highlight a consensus view of Bitcoin entering a groundbreaking phase of price discovery<\/a>. The narrative of Bitcoin\u2019s \u2018IPO moment\u2019, coupled with expanded investor access through ETFs<\/a> and the steadfastness of long-term holders, crafts a compelling forecast of growth and new price benchmarks for the world\u2019s leading cryptocurrency.<\/p>\n At press time, BTC traded at $<\/p>\n <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-36489","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=36489"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36489\/revisions"}],"predecessor-version":[{"id":36495,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36489\/revisions\/36495"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=36489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=36489"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=36489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitcoin\u2019s IPO Moment<\/h2>\n