Bitwise CEO Identifies Key Factors Propelling Bitcoin Price to $95,000 Mark
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Hunter Horsley, Bitwise CEO, has pointed out an intriguing insight – though Bitcoin's price has bounced back to around $95,000, Google searches for "Bitcoin" are reaching record lows. This pattern, Horsley explains, usually indicates retail curiosity. However, he suggests that this recent Bitcoin surge isn't primarily led by retail investors, but rather by a rising wave of institutions, consultants, businesses, and even countries stepping into the crypto realm.
Horsley emphasized that the variety of Bitcoin buyers is expanding, suggesting a broader market shift.
Big Players in the Bitcoin Game
As per Bitcoin Treasuries' data, public companies hold approximately 3.35% of the total Bitcoin supply, which amounts to 705,373 BTC. Companies like MicroStrategy, Metaplanet (Japan), and Semlar Scientific (California) are among the pioneers embracing this trend.
On the other hand, countries account for 2.52% of the total supply, with 529,705 BTC. The United States leads the way with 207,189 BTC, worth roughly $19.6 billion, followed closely by China with 194,000 BTC, worth around $18.31 billion. The United Kingdom and Ukraine aren't far behind, with 0.29% and 0.221% of the total supply, respectively. Bhutan and El Salvador round off the list with modest holdings of 0.029% each.
In another tweet, Horsley made an audacious prediction, stating that Bitcoin could potentially achieve a staggering $50 trillion valuation in the future. He argued that Bitcoin, as a politically neutral digital monetary asset, should not only be compared to gold, whose market value is approximately $23 trillion, but also to Treasuries and the US dollar, which combined are valued at around $50 trillion.
Horsley further contemplated that as more people seek digital solutions for storing value, Bitcoin could emerge as a dominant asset in this space.
Reflecting on the Market
Charles Edwards, founder of Capriole Investments, shared a similar sentiment. He reported that Capriole's Bitcoin Energy Value surpassed $130K this month, indicating a nearly 40% discount to Bitcoin's fair value. Though discounts can expand, Edwards noted that historically, Bitcoin tends to revert to its fair value over time. He highlighted that a 40% discount post-halving is uncommon and a welcome sign for the market.
In a word, institutional investors are increasingly investing in Bitcoin, while retail investors are taking a step back. As Bitcoin continues to gain traction, predictions for its future valuation remain optimistic.
- Despite Bitcoin's price reaching around $95,000, Google searches for "Bitcoin" are approaching record lows, according to Bitwise CEO, Hunter Horsley.
- Horsley believes that this Bitcoin surge isn't primarily driven by retail investors, but rather by institutions, consultants, businesses, and countries entering the crypto world.
- In accordance with Bitcoin Treasuries' data, public companies hold approximately 3.35% of the total Bitcoin supply, with MicroStrategy, Metaplanet (Japan), and Semlar Scientific (California) among the forerunners adopting this trend.
- Countries account for 2.52% of the total Bitcoin supply, with the United States holding the largest portion (207,189 BTC) followed closely by China, and the United Kingdom and Ukraine not far behind.
- Horsley envisions a potential Bitcoin valuation of $50 trillion in the future, arguing that it should not only be compared to gold and Treasuries but also to the US dollar.
- Charles Edwards, the founder of Capriole Investments, shared a similar perspective, reporting that Capriole's Bitcoin Energy Value surpassed $130K this month, suggesting a nearly 40% discount to Bitcoin's fair value. Edwards added that such a discount post-halving is rare and a positive sign for the market.
