Matthew Hogan: BTC will become a stable asset after rising to $ 500,000

Matthew Hogan, chief investment officer of Bitwise, has suggested that the «early stage» of bitcoin BTC $91,003.48 Bitcoin -0.45% Market capitalization $1.8 trillion VOL. 24 hours $2.22 billion development will end when its price reaches $ 500,000. According to the top manager, this mark will be the boundary between the early and mature stages of cryptocurrency development, as it will confirm bitcoin as a reliable store of value, similar to gold.

At the moment, bitcoin remains a risky investment, as it has not yet become a full-fledged reserve asset for central banks and institutional investors, says Howan. The analyst emphasizes that the market for store-of-value assets is about $ 20 trillion, where gold with a capitalization of $ 18 trillion takes the main share, while bitcoin has reached only $ 2 trillion. For a «mature» market, bitcoin should share this volume with gold, and its value should grow to $ 500,000 per coin.

The expert adds that in order to achieve this goal, it is important that central banks start investing in bitcoin on a par with gold.

According to the analytical tracker CoinMarketCap, at the time of writing, the market leader is trading at $ 90,595. The total number of coins circulating on the market is $ 1.79 trillion, with a daily increase of 3.76%. Traders made daily trading deals worth $ 118.2 billion.