Bitcoin can soon cross the $200K mark due to rapidly contracting supply. Matt Hougan, the chief investment officer of Bitwise, said that the king cryptocurrency can hit the milestone by the end of 2025, considering demand and supply.
Hougan’s rationale is that miners can only produce 165,000 $BTC this year. On the other hand, Strategy alone has bought 379,800 $BTC over the past six months. This means that miners can’t produce enough $BTC to satiate the market’s demand.
Moreover, a huge amount of money has been flowing into Bitcoin ETFs, with the total now standing at $6B. Add to this governments and corporations also buying $BTC left, right, and center, and we’re witnessing an unforeseen demand for the ‘digital gold.’
Hougan expects that $BTC sellers would stop at $100K, which also happens to be a huge psychological level.
Keep reading to learn more about Bitcoin’s brewing rally. We’ll also list down the best altcoins you can buy t ..
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