According to online reports, Matt Hougan, chief investment officer of Bitwise, recently said in an interview with CNBC that Bitcoin is expected to reach US$200,000 by the end of 2025, pointing out that the current rally is driven by structural factors and will last for many years. Hougan emphasized that institutional funds continue to flow in, but the daily supply of new bitcoins is only 450, which is a serious imbalance between supply and demand. He believes that the market is entering a new stage where "demand continues to exceed supply" and this force will drive BTC's long-term rise. He also said that favorable policies, legislative advancement, institutional adoption and macro uncertainty together constitute a "rare synergy" for Bitcoin and are the fundamental driving force for the current rise.