The chief investment officer of crypto asset management giant Bitwise has a big Bitcoin (BTC) price target for the end of 2025, even as political risks emerge.

In a new note to investors, Bitwise CIO Matt Hougan says that Bitcoin may increase by more than 112% of its current value before 2026 due to several factors, including clearer crypto regulations and greater adoption by traditional finance.

“I’m extraordinarily optimistic about the outlook for crypto this year. The setup – rising institutional participation, an improved regulatory environment and massive advances in blockchain technology – is extremely strong. My base case is that most crypto assets will trade to new all-time highs this year, with Bitcoin rising above $200,000.”

However, Hougan warns that risks to the industry are now coming from politicians in Washington – including the possibility that Congress may not approve the stablecoin bill known as the GENIUS Act.

Key Democrats are suddenly raising concerns about the proposed stablecoin legislation, reports Politico.

Says Hougan,

“People often ask me what could derail crypto. My answer is simple: people. More specifically, politicians. I ultimately think the stablecoin bill will pass. Stablecoins are too obviously beneficial – to America, the dollar, merchants, entrepreneurs, and others – for petty political jockeying to derail progress. At least I hope so. The next few days and weeks will be fraught.

If legislation fizzles, this could be a challenging summer for crypto. But if Washington can get its act together, I think the bull market will be unstoppable. In either event: keep your eye on Washington.”

Bitcoin is trading for $94,552 at time of writing, up slightly in the last 24 hours.

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