Matt Hougan, CIO of Bitwise, predicts Bitcoin will reach $1 million by 2029. His emphasis is on the evolution and growing adoption of Bitcoin in institutional and corporate sectors.
Growth of Bitcoin Adoption Worldwide
In a recent interview, Hougan discussed the current level of Bitcoin adoption, particularly among institutional and corporate sectors. He pointed out that approximately 10-20% of financial advisors hold Bitcoin for their clients, and corporate acquisitions are increasing despite outdated accounting rules, surpassing the annual Bitcoin mining rate.
Challenges and Prospects for Advisors
Bitwise engages extensively with financial advisors. Currently, discussions are more focused on implementation and investment strategies rather than education. However, many wealth management platforms still do not allow advisors to recommend Bitcoin, even if they hold it personally.
Impact on Bitcoin Valuation
Hougan believes Bitcoin is revolutionizing large markets such as gold and international transactions. By assessing the size of these markets, Bitcoin’s long-term valuation appears promising. As adoption grows, Bitcoin is expected to solidify its position as a compelling long-term investment.
According to Matt Hougan, the growing institutional and corporate adoption of Bitcoin provides a solid foundation for potential significant value increases in the future. It is anticipated that broader adoption and recognition will further strengthen Bitcoin as a notable long-term investment asset.
