The chief investment officer of asset management firm Bitwise, Matt Hougan, addressed bitcoin’s potential to reach a $200,000 valuation without a collapse of the U.S. dollar on social media platform X on Tuesday. He shared that during a discussion with a financial advisor, he was asked: “Does the U.S. dollar need to collapse for bitcoin to hit $200,000?” The Bitwise CIO responded firmly, “The answer is ‘no.’”

Hougan outlined two primary factors behind bitcoin’s growth potential. “When you invest in bitcoin, you’re actually making two bets at once,” he explained. Firstly, he said: “Bitcoin will succeed in establishing itself as a new ‘store of value’ asset” Secondly, he noted: “Governments will abuse fiat currencies and increase demand for ‘store of value’ assets.”

Emphasizing that these two ideas, though related, are distinct, he detailed:

The two arguments are separate. Argument 1: bitcoin is ~7% of gold’s $18tr market cap today. If it ‘matures’ and becomes 50% the size of gold, every bitcoin is worth >$400k.

“Argument 2: The ‘store of value’ market is growing because governments are abusing their currencies. If this market triples and bitcoin just holds its ~7% share, each bitcoin is worth >$200k,” the executive described.

Hougan also highlighted how these factors could interact to drive even higher valuations: “Importantly, these arguments compound. If bitcoin matures and the store of value market doubles, you quickly get to seven figures. FWIW, I think this is the most likely scenario eventually.”

He added that institutional adoption remains crucial for this progression, concluding:

So, no, the dollar doesn’t need to collapse for bitcoin to hit $200k. All you need is bitcoin to continue on its current path of maturing as an institutional asset. But it’s increasingly looking like both parts of the argument will come true. That’s why bitcoin is surging toward all-time highs.

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