Matt Hougan, the Chief Investment Officer of Bitwise, stated that Bitcoin reaching $500,000 is a true sign of its "maturity" and that it is still in its "early stages". He pointed out that with the recent positive sentiment towards Bitcoin due to Trump's election, it may soon break $BTC Hougan believes that the demand for Bitcoin as a store of value asset, similar to gold, will continue to increase, especially against the backdrop of governments expanding their debts. He predicts that for Bitcoin to reach $500,000, it would need to capture half of the current $20 trillion store of value market, sharing the same market share as gold, and central banks' Bitcoin holdings are still a gap in this development.
Hougan further mentioned that although central banks currently hold about 20% of the world's gold reserves, they hold less than 2% of Bitcoin. He cited Senator Cynthia Lummis's proposal that if the US government plans to establish a Bitcoin reserve, the $500,000 target is likely to be achieved.
