Bitwise CIO Predicts Bitcoin Could Top $200K by Year-End, Eyes Gold Parity by 2030
Matt Hougan, Chief Investment Officer at Bitwise, believes Bitcoin is on track to surpass $200,000 before the end of the year.
In a recent interview, he outlined a bullish scenario driven by tightening supply and intensifying institutional demand.
According to Hougan, the amount of Bitcoin held on exchanges is at its lowest in years, suggesting that selling pressure has significantly diminished. Meanwhile, inflows from ETFs, corporations, and even governments are accelerating, adding fuel to the upward momentum.
Hougan pointed out that this imbalance—shrinking supply alongside growing demand—is unfolding at a time when confidence in fiat currencies is eroding. He views this as a potent mix capable of triggering a major rally heading into the final quarter of 2025. The trend, he argues, reflects a broader shift in how investors and institutions view Bitcoin—as a reliable store of value rather than a speculative asset.
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Looking beyond this year, Hougan envisions Bitcoin’s market cap eventually reaching parity with gold. Bitwise had previously estimated this milestone at a price of around $800,000 per Bitcoin, but with gold’s continued climb, that figure may now be closer to $1.2 million. He sees this level as a realistic long-term target if Bitcoin continues its historical pattern of cyclical growth through the rest of the decade.
While acknowledging that variables like regulation, macroeconomic conditions, and adoption rates could influence the outcome, Hougan maintains that the trajectory is clear: Bitcoin is steadily gaining credibility as digital gold, and its path toward broader institutional acceptance appears to be accelerating.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
