The CEO of Bitwise, the world’s largest crypto index fund manager, says that a multi-year bull market is now kicking off, fueled by a long-awaited wave of institutional interest.
In a new Bloomberg interview, Matt Hougan says that crypto prices have shown incredible resilience in the face of increasing regulatory scrutiny.
[adinserter block="1"]Hougan says that BlackRock’s recent foray into Bitcoin (BTC) may be the cherry on top for new bull market conditions.
“Prices have actually been rising since last November after the FTX debacle.
So this has been climbing a wall of worry and now we have BlackRock, the world’s largest asset manager, putting its flag in the ground and saying Bitcoin matters, and it’s an asset that institutional investors will want to own for the next five to ten years. I think we’ve entered a new era of crypto. I call it ‘the mainstream era of crypto,’ and I think we’ve entered into a multi-year bull market that’s just getting started now.”
The CEO also forecasts a new growth chapter beyond just asset prices. He says that crypto equities are now on the verge of blossoming, and predicts a big wave of new crypto companies entering the stock market.
“There is a pent-up pipeline of interest companies in the crypto space, crypto infrastructure companies that are going to see material stronger results as Bitcoin and other crypto assets continue to rise.
So I expect that IPO (initial public offering) pipeline to open up. I’d say more broadly, crypto equities have actually outperformed crypto asset prices. Our index of crypto equities is up more than 100% this year, so absolutely we’re going to see more debuts. We’re going to see this industry grow by leaps and bounds, I think it’s a really exciting moment for crypto.”
Crypto equities are stocks with high exposure to the digital asset markets or the underlying distributed ledger technology.
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