Despite the recent significant downturn in cryptocurrency markets, Ryan Rasmussen, the Research Director at Bitwise—one of the foremost crypto asset management firms globally—maintains a positive outlook on Bitcoin’s future.
In an interview with Bloomberg, Rasmussen emphasized that the current volatility is only temporary and insisted that Bitcoin’s long-term bullish potential remains robust.
Reflecting on Bitcoin’s history of enduring value drops exceeding 70% multiple times, Rasmussen highlighted how this latest decline stands apart from previous “crypto winters” due to growing institutional involvement and regulatory backing. He pointed out that while many investors are fixated on short-term negative news, they tend to overlook key long-term drivers. According to him, “The case for Bitcoin has never been stronger. Favorable regulations, increasing institutional adoption, and rising demand for tangible assets like gold will drive Bitcoin substantially higher over the next five to twenty years.”
Rasmussen also mentioned that Bitcoin prices dipping below mining costs—estimated around $80,000—is exerting pressure on miners. He forecasted this would trigger a market consolidation where larger miners with ample cash reserves absorb smaller competitors. Additionally, some miners are diversifying by converting their data centers into Artificial Intelligence (AI) operations as a protective strategy.
When questioned about why Bitcoin has experienced sharper declines compared to equities such as Nasdaq stocks, Rasmussen explained it is because cryptocurrency remains in its nascent phase. He reminded listeners that spot Bitcoin ETFs were only authorized earlier in 2024 and major asset managers are just beginning their participation in this space. He argued that if liquidity withdrawn during October’s sell-off returns to the market soon enough, we could witness a rapid rebound in Bitcoin prices.
Acknowledging ongoing efforts within the market to identify a bottom price level, Rasmussen identified $50,000-$60,000 as an attractive accumulation range for investors focused on long-term gains. Making an ambitious forecast he stated: “It is entirely plausible within our horizon that Bitcoin could exceed $1 million per coin over the next decade.”
He further noted many institutional players feel they missed out when prices soared above $100K previously; thus current levels near $60K represent an exceptional entry point for these large-scale investors.
*This content does not constitute financial advice.*