CEO of Bitwise Discloses Factors Fueling Bitcoin's Rise to $95,000 Mark
Fresh Take:
Hunter Horsley, CEO of Bitwise, has mentioned that although Bitcoin's price is back up to $95K, Google searches for "Bitcoin" are hitting record lows. But don't be fooled, he tells us! The recent surge in BTC's value isn't driven by retail investors - instead, it's all about institutions, advisors, corporations, and even nations jumping on the Bitcoin bandwagon.
He emphasized that the pool of investors buying Bitcoin is growing, signaling a significant shift in the market.
Big Players in the Bitcoin Game
According to Bitcoin Treasuries, public companies collectively hold 3.35% of Bitcoin's total supply, which amounts to 705,373 BTC. One of the first movers was business intelligence company Strategy (formerly MicroStrategy), but they've been joined by companies like Japan's Metaplanet and California's Semlar Scientific.
Meanwhile, countries hold 2.52% of the total supply, with the United States leading the pack, owning approximately 0.987% or 207,189 BTC, worth $19.6 billion. China follows closely with 194,000 BTC, worth about $18.31 billion. The United Kingdom owns 0.29% or 61,000 BTC, Ukraine holds 0.221% or 46,351 BTC, and Bhutan has 0.013% or 13,029 BTC. El Salvador rounds off the list with 0.029% or 6,089 BTC.
In a separate tweet, Horsley made a daring prediction that Bitcoin could reach a colossal $50 trillion valuation in the future. He believes that as a digital, apolitical monetary asset, Bitcoin should be compared not only to gold, with a market value of around $23 trillion, but also to Treasuries and the U.S. dollar, valued at approximately $50 trillion.
He also suggested that as more people seek digital solutions for value storage, Bitcoin could become a dominant force in this space.
A Welcome Signal for Bitcoin
Charles Edwards, founder of the quantitative crypto hedge fund Capriole Investments, shares a similar view. He points out that Capriole's Bitcoin Energy Value surpassed $130K for the first time this month, showing that Bitcoin is currently trading at nearly a 40% discount to its fair value.
According to Edwards, while discounts can expand, they typically revert to their fair value over time. He notes that a 40% discount post-halving is unusual and a "welcome sight" for the market.
This suggests that institutional investors are playing a growing role in the Bitcoin market, while retail participation might be slowing down. As Bitcoin matures, it's becoming increasingly seen as an institutional asset, even as retail investors take a somewhat cautious approach.
Pro Tip: If you're interested in diving deeper into the world of Bitcoin, it's worth paying attention to institutional activity and long-term strategies. Remember, Bitcoin's future might not be tied to short-term retail sentiment but rather to its appeal as a long-term, strategic investment for institutions.
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- Despite the drop in Google searches for "Bitcoin," Hunter Horsley, CEO of Bitwise, indicates that institutions, advisors, corporations, and nations are significantly increasing their investments in Bitcoin.
- Bitcoin Treasuries reports that public companies collectively hold 3.35% of Bitcoin's total supply, with businesses like Strategy, Metaplanet, and Semlar Scientific among them.
- Countries own 2.52% of the total Bitcoin supply, with the United States leading with 0.987%, followed closely by China with 194,000 BTC.
- Hunter Horsley has daringly predicted that Bitcoin could reach a massive $50 trillion valuation in the future, comparing it not just to gold but also to Treasuries and the U.S. dollar.
- Charles Edwards, founder of Capriole Investments, believes Bitcoin is currently trading at a 40% discount to its fair value, suggesting more institutional involvement in the market.
- As Bitcoin matures, it's becoming increasingly seen as an institutional asset, while retail participation might be slowing down, making it vital to pay attention to institutional activity and long-term strategies.
