Bitwise CIO: Bitcoin Could Reach $100,000 By Year-end

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Crypto asset manager Bitwise’s chief investment officer, Matt Hougan, has identified five factors that could lead to Bitcoin’s price reaching $100,000 by the end of the year, despite the current challenges facing the industry.

Bitcoin has seen a 21% decrease since its record high of $73,836 on March 14, partly due to concerns about the distribution of Mt. Gox’s assets and the German government’s sale of seized Bitcoin.

After a long delay, the defunct exchange Mt. Gox has begun distributing Bitcoin to its creditors on July 5, with plans to distribute $8 billion worth of the cryptocurrency over the next few months.

So far, 47,229 Bitcoins (worth about $2.7 billion) have been sent to Bitbank and SBI VC Trade, while 94,771 Bitcoins (valued at $5.4 billion) are still waiting to be distributed through Kraken, Bitstamp, and BitGo. In addition, the German government has recently sold over $1 billion worth of Bitcoin.