The CIO of the crypto asset management firm Bitwise says Bitcoin (BTC) is going through the next phase of its natural evolution.
In a new Crypto Prime interview, Matt Hougan points out a key difference between the current Bitcoin bull market and the one witnessed in 2020.
[adinserter block="1"]According to Hougan, the current market cycle is being driven by major institutions laying the groundwork for Bitcoin’s evolution into a trusted store of value.
“The Bitcoin of today really is different than the Bitcoin of five years ago. That was a Bitcoin driven by retail investors and crypto-native investors. This is increasingly a Bitcoin driven by institutions, corporations, governments and macro hedge funds.
And you’re seeing it behave differently. You’re seeing it behave more like a hedge asset. I think it’s maturing before our eyes. Bitcoin’s a teenager. It’s 15 years old. It’s in a transition phase from a risk asset to a hedge asset. But I think that’s the direction of travel. I think you’re going to see it act like that more and more in the future.
And as it does, it’s going to bring more investors into it because it’s a really useful tool in the macro quiver.”
At time of writing, Bitcoin is trading for $94,703.
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