#cryptonews
Bitwise Chief Investment Officer Matthew Hougan Hougan outlined on December 13 key developments he believes signal Bitcoin’s potential rise to $1 million.
In a recent social media post, Hougan highlighted several milestones, including BlackRock’s endorsement of a 2% portfolio allocation to Bitcoin and the record-breaking success of Bitcoin exchange-traded funds (ETFs).
He pointed to the unprecedented performance of Bitcoin ETFs, which have surpassed previous records by a significant margin.
Hougan underscored the importance of high-profile endorsements, mentioning comments from prominent investor Ray Dalio, who recently expressed support for owning Bitcoin. Such endorsements would contribute to increasing mainstream credibility for the asset.
This could be interpreted as a sign of Bitcoin’s growing political acceptance and integration into broader financial discussions.
Another factor highlighted in Hougan’s post was Donald Trump’s participation as a keynote speaker at a major Bitcoin conference.
This may indicate a substantial level of interest from institutional and retail investors alike.
Samuel Armes, President of the Florida Blockchain Business Association (FBBA), shared the proposal’s details, including using state pension funds and budget surplus for crypto investment.
Florida is considering the establishment of a Bitcoin reserve, with the initiative potentially launching in early 2025.
He noted that the state’s pension fund has already engaged in crypto-related investments through hedge funds, including stakes in companies like Coinbase and MicroStrategy. Beyond the pension fund, Armes suggested allocating 1% of Florida’s $116.5 billion budget surplus, which would amount to $1.165 billion, toward the investment. He emphasized that this would further solidify Florida’s financial position while diversifying its investment portfolio.
Armes highlighted that allocating just 1% of Florida’s $185.7 billion pension fund to Bitcoin could create a reserve worth approximately $1.857 billion.