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The chief investment officer of crypto asset manager Bitwise Investments is unveiling his massive price target for Bitcoin (BTC) despite the ongoing bear market.

In a new Stansberry Research interview, Bitwise executive Matt Hougan says that Bitcoin could rally by over 2,273% from its current price of $21,062 as he believes BTC will come close to golds market capitalization of more than $11 trillion.

I think its perfectly rational to believe that Bitcoin could trade to half a million dollars over time. The way I picked that number out of the hat is if Bitcoin held as much wealth as is held in gold, it would be about half a million dollars a Bitcoin.

Hougan says he sees Bitcoins market capitalization ascending to greater heights as BTC outperforms gold as a store-of-value asset.

If you think out five or ten years, could Bitcoin be as big a store wealth as gold? I think the answer is yes. And that leads to half a million dollars a Bitcoin. Will we get there? I dont know. But I think thats certainly within the realm of possibility.

The top investment strategist at Bitwise says that Bitcoin is currently in an appreciation phase similar to what gold went through in the early 1970s right after the US government ended the gold standard a monetary system where the US dollar was convertible into a fixed amount of gold.

[Bitcoin] is the new digital gold. Its better than gold and everything gold tries to do. You can move it faster, its harder to fake, its easier to store [and] its harder to falsify. It is the new gold

If Im right that people are going to think of it [Bitcoin] long term as a legitimate way to store wealth, its going through that same appreciation phase [as gold]. This is when you want to own stores of value when the world is figuring out that theyre valuable, when theyre emerging stores of value. And thats where Bitcoin is.

Thats why its been the best performing asset in the world over the last 10 years and I think it has huge potential in the future because still very few people own it.

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Featured Image: Shutterstock/Mimma Key

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Top Strategist at $1,300,000,000 Crypto Fund Says Bitcoin (BTC) Could Explode Over 2,200% Heres His ... - The Daily Hodl