Bitwise Chief Investment Officer: Bitcoin reaching a price of $500,000 is a true sign of its maturity.

On November 13, Bitwise Chief Investment Officer Matt Hougan stated that Bitcoin reaching a price of $500,000 is the true sign of its "maturity", and it is still in an "early stage". He pointed out that with Bitcoin recently hitting new highs due to positive sentiment brought about by Trump's election, a breakthrough of $100,000 may be imminent. Hougan believes that the demand for treating Bitcoin as a store-of-value asset similar to gold will continue to increase, especially against the backdrop of governments continuously increasing debt. He predicts that if Bitcoin were to reach $500,000, it would need to occupy half of the current approximately $20 trillion store-of-value market share - on par with gold - while central banks' holdings in Bitcoin remain a gap in this development. Hougan further mentioned that although central banks currently hold about 20% of global gold reserves, they hold less than 2% of Bitcoins. He cited Senator Cynthia Lummis's proposal stating if the U.S government plans to establish bitcoin reserves then achieving the target value of $500k could be possible.