Bitwise CIO ‘not so sure’ about Bitcoin hitting $100K in 2021

Some cryptocurrency investment experts doubt that Bitcoin (BTC), a cryptocurrency, will reach $100,000 by 2022 as the year draws near.

According to Matt Hougan, Bitwises chief investor, Bitcoin will not reach new all-time highs within the next three weeks after a major crash in cryptocurrency markets. It could even surpass $100,000.

Hougan stated that $100,000 is not a realistic prediction for […]. He said that $100,000 could be within reach in 2022, but that he wasnt sure this year.

Hougan noted that there is a possibility of a cryptocurrency rally in 2022, mainly due to the growing institutional support. Hougan stated that, “I believe as we look into 2022 we still have these fundamental drives, the institutions we talk to everyday at Bitwise,” and added that many institutions are still entering the market for their first time.

CIO also predicts that there will be an “explosion in activity built on Ethereum” in 2022. Layer-one solutions are those who aim to improve the base protocol to scale the system, rather than creating a new protocol.

“Investors will be looking at Ethereum Solana or Polygon. Investors are beginning to see that there is more to crypto than Bitcoin. Hougan predicts that next years bigger story will be crypto as NFTs, DeFi, Web3 and metaverse.

Hougan acknowledged the potential growth of altcoins, or coins other than Bitcoin, but some prominent members of the crypto community remain committed to Bitcoin.

Bobby Lee, the founder and CEO at crypto hardware wallet Ballet, stated Dec. 6th that Bitcoin is more valuable than altcoins, because it is not backed “any kind of project or a promise that could fail.”

The cryptocurrency community has been closely monitoring the Bitcoin price this year. Notable figures in the industry have predicted that BTC will reach $100,000 by the end 2021. These include PlanBs stock-to-flow model creator PlanB and Standard Chartereds cryptocurrency research division.

Related: Bitcoin will reach $250K in January 2022, but S2FX BTC price models are invalidated — New prediction

Others within the crypto community are more skeptical.

2050 is the year: “One more shakeout to #Bitcoin, and then its Moon time!” 100k EOY Ok Grandma, lets go to bed.
— Lunch Money (@LunchMoneyMitch) November 10, 2021

According to CoinGecko data, Bitcoin trades at $51,290 as of the writing. This is a significant recovery from its December 4th plunge below $47,000. Bitcoin reached its highest point above $67,000 mid-November after it was launched at $30,000 for 2021.

Chart of the Bitcoin price over one year Source: CoinGecko