EXCLUSIVE: Bitwise Sees Bitcoin Reaching $200,000, CIO Says Firm Is 'Extraordinarily Bullish'

Bitwise Asset Management chief investment officer Matthew Hougan says the firm is "extraordinarily bullish" on Bitcoin BTC/USD as the cryptocurrency gains widespread acceptance from governments, corporations and traditional asset managers.

What To Know: Hougan sat down with Benzinga at the Future Proof Citywide event in Miami Beach, FL last week and talked about the importance of a crypto-friendly administration and President Donald Trump's recent announcement of a strategic bitcoin reserve.

The last existential threat to bitcoin was removed when governments began accepting and adopting the cryptocurrency as an asset, Hougan said.

"We see governments around the world buying it. Do you wanna wait til it’s too late to get in, or do you want to build your position now? The reason it’s important for crypto investors is the biggest existential risk to crypto has always been that governments wouldn’t like it, right?," Hougan told Benzinga.

The chief investment officer said that the bitcoin of today has matured and become legitimized and accepted in a way it was not even five or 10 years ago. He pointed to institutional investors, hedge funds, ETFs and more than 70 corporations that now keep bitcoin as part of their holdings.

Bitwise designed the Bitwise Bitcoin Standard Corporations ETF OWNB that provides exposure to corporations with at least 1,000 bitcoin on their balance sheets.

"BlackRock is in the space. Fidelity is in the space. Stan Druckenmiller owns bitcoin. Ray Dalio owns bitcoin. The United States owns bitcoin," Hougan said.

Hougan said that though the short-term outlook for bitcoin is risky, he sees the influx of capital eventually pushing bitcoin to $200,000 in the long run.

"Short term: risky. Long term: extraordinarily bullish," Hougan said, sharing Bitwise's current outlook for bitcoin.

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