Bitcoin exchange-traded funds are about to see a bigger wave of investment inflows that could push the price of the digital currency to $200,000 this year, said Matt Haugan, chief investment officer at Bitwise.
In an interview with CNBC on Feb. 29, Haugan said the first wave of interest in a Bitcoin ETF came mainly from retail investors, hedge funds and independent financial advisors.
The next wave of interest will come from institutional investors, he said, pointing to firms ranging from Morgan Stanley to Bank of America Merrill Lynch and Wells Fargo, which are now planning to offer bitcoin ETF products to their large institutional client bases.
Haugen added that there is currently too much demand for Bitcoin and not enough supply. With institutional investors easily gaining access to Bitcoin through the investment platforms of major Wall Street banks, Haugen said Bitcoin ETFs are ushering in a "new era of price discovery" for the king of cryptocurrencies.
He said the next wave of institutional investment could push bitcoin prices “massively higher.” He said bitcoin prices could exceed Bitwise’s initial forecast of $80,000 by 2024 to $100,000 to $200,000 or even higher.
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