Odaily News Bitwise Chief Investment Officer Matt Hougan says BTC could rise to $200,000 without the need for a dollar collapse. In his latest investor memo, he said BTC's value depends on two separate forces: its role as a digital store of value and inflationary pressures from fiat currencies. Hougan said many analysts overlook Bitcoin's broader potential, often arguing that its growth depends on a weaker dollar, "and if you separate these arguments, you'll have a clearer picture of Bitcoin." Hougan believes the first driver is Bitcoin's status as a digital equivalent to gold. Although Bitcoin accounts for only 7% of gold's estimated $18 trillion market, Bitcoin's market cap has the potential to grow significantly as investors recognize it. "Even if Bitcoin only takes up 25% of the gold market, its price could rise and go well above $200,000," he noted. The second force comes from the potential depreciation of fiat currencies, especially the dollar, which could prompt more investors to use assets like Bitcoin as a hedge. Given the U.S. federal debt of $36 trillion, Hougan believes that increasing fiscal pressures will prompt a significant expansion in the value storage market, which will benefit Bitcoin. He stressed that even if only one of these forces comes to pass, Bitcoin's value could rise. If Bitcoin's share of the value storage market grows, it could reach $214,000 even without inflationary pressure. Conversely, an expansion of the alternative asset market driven by fiat currency concerns could also push up Bitcoin's price. However, the biggest upside will occur if the two forces converge. In addition, he also claimed that Bitcoin's utility may eventually go beyond its role as a store of value and has the potential to become an international settlement layer. He believes that wider applications can further enhance the value of Bitcoin and make it a key player in the global financial ecosystem. Hougan also warned investors about the risks of Bitcoin trading, emphasizing the need to carefully consider volatility and regulatory issues. (CryptoSlate)