Bitwise CIO Matt Hougan says that digital assets will likely go through a bullish phase in the next six months as the market digests the new crypto-friendly US presidential administration.
In a post on the social media platform X, Hougan tells his 60,000 followers that the dramatic difference between the previous and current presidential administrations is not yet priced in and that a reevaluation of crypto assets will need to take place.
[adinserter block="1"]“On my first road trip of the year speaking with traditional investors. One takeaway: the change in Washington’s attitude toward crypto is not priced in. The reason is, it’s hard for people outside of crypto to imagine just how oppressive the environment has been.
Unless you’ve been close to crypto, things like Operation Choke Point 2.0 and ‘arbitrary and capricious’ regulators sound conspiracy theories. I suspect the market re-rates crypto quickly in the next six months as it realizes the quantum of the shift.”
Earlier this month, Hougan said that the adoption of Bitcoin by nation-states could end up being the major catalyst that sends BTC to much higher prices.
Bitwise CEO Hunter Horsley recently said in a post on X that the firm had been talking with an unnamed nation-state about Bitcoin-based exchange-traded funds (ETFs), but Horsley didn’t mention any specific details about the conversation.
“We just provided some information for a nation-state asking about Bitcoin ETFs.
Considering moving some exposure from foreign currency government bonds into BTC.
Bitcoin is entering a new chapter.”
At time of writing, BTC is trading at $105,338.
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