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Can Bitcoin Hit $200,000 Only If The Dollar Falls? Bitwise CIO
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Can Bitcoin Hit $200,000 Only If The Dollar Falls? Bitwise CIO Answers

Jake Simmons
Jake Simmons
7 months ago
2 mins read
Bitcoin price $200,000 US dollar collapse

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Matt Hougan, Chief Investment Officer of Bitwise Asset Management, addressed a pressing question among investors: Does the US dollar need to collapse for Bitcoin to reach a valuation of $200,000 per coin? Hougan’s analysis suggests that Bitcoin’s ascent to such a price level does not depend on a decline in the US dollar’s value but rather on Bitcoin’s maturation as a store-of-value asset and global economic factors increasing demand for such assets.

Bitcoin Can Reach $200,000 Without US Dollar Collapse

In a series of posts on the social media platform X, Hougan recounted a conversation with a financial advisor who posed the question over dinner. “Does the US dollar need to collapse for Bitcoin to hit $200,000? The answer is ‘no.’ Here’s why,” Hougan wrote.

Hougan explained that investing in Bitcoin involves making two distinct bets. First, “Bitcoin will succeed in establishing itself as a new ‘store of value’ asset.” Currently, Bitcoin’s market capitalization is approximately 7% of gold’s $18 trillion market. Hougan noted, “If it ‘matures’ and becomes 50% the size of gold, every Bitcoin is worth over $400,000.

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Second, “Governments will abuse fiat currencies and increase demand for ‘store of value’ assets.” If the market for store-of-value assets triples in size due to such mismanagement, and Bitcoin maintains its 7% market share, “each Bitcoin is worth over $200,000.”

He emphasized that these two arguments are independent but can compound. “If Bitcoin matures and the store of value market doubles, you quickly get to seven figures. For what it’s worth (FWIW), I think this is the most likely scenario eventually,” Hougan stated.

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Addressing the initial question directly, Hougan asserted, “So, no, the dollar doesn’t need to collapse for Bitcoin to hit $200,000. All you need is Bitcoin to continue on its current path of maturing as an institutional asset.” He added that both factors—BTC’s maturation and potential fiat currency abuse—are increasingly likely to occur simultaneously. “That’s why Bitcoin is surging toward all-time highs.”

The discussion continued with input from Kevin Brent Cook, a user on X, who added nuance to Hougan’s explanation. “Concise, clear, and simple,” Cook remarked. “I would only add that the reason a ‘collapse’ isn’t necessary is that under ‘abusing fiat’ comes the steady grind of deficit-driven dollar inflation (the US writes endless checks that never bounce), which naturally creates more currency chasing all assets.”

Hougan concurred with Cook’s assessment, responding with a succinct “Agreed.”

At press time, BTC traded at $72,445, up 23% in the last 20 days.

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Bitcoin price is retesting the previous resistance, 1-day chart | Source: BTCUSDT on TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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