David Siemer, the CEO of Wave Digital Assets, has observed a sharp contrast in sentiment between traders and high-net-worth investors as the price of bitcoin (BTC) fluctuates around the $90,000–$95,000 mark, still down over 10% from its all-time high reached less than a month ago. While traders are cautious and predicting further declines based on technical analysis, long-term investors remain unwavering in their belief that the bull market is far from over.
Siemer, who has spent 14 years in the crypto industry, says this divide in outlook is unlike any he’s seen before. “Traders are hedging, neutral, or even bearish, while the long-term investors are extremely bullish,” he shared in an interview with CoinDesk. “It’s a stark contrast, and it’s one of the biggest differences I’ve observed in my time in the market.”
Siemer himself is particularly optimistic, predicting that bitcoin could hit $200,000 in the near term. “Could bitcoin reach $1 million in my lifetime? Absolutely. It’s not going to happen immediately, but it’s certainly in the cards,” he said. He believes that the next six months will bring far more developments than most people expect, driven by both market momentum and regulatory clarity.
One key factor contributing to Siemer’s optimism is the growing momentum in the global regulatory landscape. Countries like the U.S., Russia, South Korea, Japan, and Singapore are moving toward crypto-friendly policies, which Siemer believes will positively impact the market. He pointed out that in countries like Japan and Singapore, where there is strong trust in government regulations, such initiatives can have a significant positive impact on the adoption of cryptocurrencies. “When their governments say it’s okay, people trust that,” he said, contrasting it with the more skeptical attitudes in the U.S.
Siemer also highlighted the impressive success of the U.S. spot bitcoin exchange-traded funds (ETFs), which have led financial institutions around the world to rethink their approach to crypto products. “The success of these ETFs has fundamentally changed the game. It has crushed products with higher fees, like bitcoin ETPs, and now institutions are scrambling to develop more competitive offerings,” he explained.
The regulatory environment, in Siemer’s view, will continue to evolve in favor of cryptocurrencies. He anticipates that the European Union may introduce a more favorable version of the Markets in Crypto-Assets Regulation (MiCA), making it easier for crypto companies to operate in the region.
Siemer also sees the possibility of bitcoin reserves being created by multiple nations, including the U.S. “While the U.S. hasn’t yet made bitcoin a strategic reserve, several other countries are likely to do so,” he said, noting that states like Texas, Ohio, and Wyoming are already considering their own bitcoin reserves. Siemer believes that this move could gain traction at the federal level as well. “The U.S. already holds nearly $19 billion worth of bitcoin, and they don’t need to buy more—just holding onto what they have would be a solid start,” he said.
Overall, Siemer’s outlook remains bullish, with the belief that the next few years will bring massive growth for both bitcoin and the broader cryptocurrency space. With governments and financial institutions increasingly embracing digital assets, Siemer is confident that the market will continue to evolve and thrive in the coming years.
