Bitcoin Is Undervalued — Should Already Be at $200,000 Price ⋆ ZyCrypto
The post Bitcoin Is Undervalued — Should Already Be at $200,000 Price ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
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  Bitcoin is significantly undervalued relative to its fair market value, according to Matthew Hougan, Chief Investment Officer at Bitwise Asset Management, which oversees approximately $12 billion in assets. Speaking in September 2025, Hougan stated that based on current macroeconomic conditions and institutional adoption trends, Bitcoin’s price should already be at $200,000. His comments come amid growing institutional interest in spot Bitcoin ETFs and renewed discussions around BTC’s long-term valuation models. This figure sets the baseline for comparing production with demand. Every incremental purchase above that level puts pressure on the available float. Because issuance is fixed and transparent, Hougan said the conversation around fair value is no longer about speculative sentiment but about straightforward arithmetic. Advertisement
  If institutions and funds continue to absorb more coins than miners produce, supply will tighten, and price should adjust accordingly. On the demand side, Hougan cited three distinct drivers. First, U.S. spot Bitcoin ETFs. According to his May remarks, these funds had already generated approximately $6 billion in net inflows by the time of Consensus 2025. Those inflows represented only the early months of activity, showing how quickly institutional channels can create sustained demand. Bitwise’s published $200K projection The $200,000 target is not a new or casual forecast. Bitwise published it formally in December 2024 in its report “The Year Ahead: 10 Crypto Predictions for 2025.” That research outlined the firm’s case that supply shortages and expanding institutional demand would push Bitcoin toward $200K by year-end. Bitwise has since repeated the projection in multiple public appearances. The firm continued to stand by the $200,000 figure. If even a fraction of institutional and sovereign demand persists, the number of available coins for trading shrinks. Hougan framed this as a simple mismatch: more buyers than coins. This supply-demand gap, he…
Filed under: News - @ September 24, 2025 8:29 pm