PANews reported on November 13 that according to The Block, Bitwise Chief Investment Officer Matt Hougan said that Bitcoin's price reaching $500,000 is a sign of its true "maturity" and it is still in the "early stages". He pointed out that as Bitcoin has recently hit new highs due to the positive sentiment brought about by Trump's election, $100,000 may be about to be broken.
Hougan believes that the demand for Bitcoin as a gold-like store of value will continue to increase, especially in the context of the government's growing debt. He predicts that if Bitcoin wants to reach $500,000, it needs to occupy half of the current $20 trillion store of value market, equal to gold, and the central bank's 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 only hold less than 2% of Bitcoin. He cited Senator Cynthia Lummis' proposal that if the US government plans to establish a Bitcoin reserve, the $500,000 goal is expected to be achieved.
