The chief investment officer (CIO) of crypto asset management firm Bitwise, Matt Hougan, is predicting rallies for digital assets in the coming months despite this week’s market correction.
In a new interview on CNBC Television, Hougan says that he remains bullish on Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), while predicting the number of corporations holding the flagship crypto asset on their balance sheets will double in the next year, which would bring the total to about 360.
He also predicts that during the last three months of the year there will be an increase of investor wealth into digital asset exchange-traded funds (ETFs).
“Some of these companies are so-called DAT, digital asset treasuries, that just buy Bitcoin for their balance sheet… That momentum is somewhat fading. But on the other side of the balance sheet, you have a broader set of companies that, just like individuals, want to have 5% or 10% Bitcoin, companies like Figma, companies like Block. I still think that corporate number is going to double over the next year or so…
And I think there’s an even bigger story in ETFs (exchange-traded funds), where the flows, from my perspective, are set to accelerate strongly into Q4. I am still feeling bullish about this market. I take this pullback as an opportunity and not a setback as we move into Q4.”
He also believes that digital asset treasury companies will likely continue to add to their holdings.
“I think people have the wrong perception here. They think these DATs are going to trip over into selling Bitcoin, and I think it’s more like their pace of buying is going to slow down…
It’s now into sort of a consolidating growth phase. I don’t think it’s going away, though. Every statistic I look at says they’re still buying Bitcoin, they’re still buying ETH, they’re still buying Solana. Until the data says otherwise, I’m not going to count this trade out.”
Bitcoin is trading for $112,107 at time of writing, down marginally on the day.
Meanwhile, Ethereum is trading for $4,175 at time of writing, flat on the day, while Solana is trading for $214 at time of writing, down 2.5% in the last 24 hours.
Follow us on X, Facebook and Telegram
Featured Image: Shutterstock/Eugenia Porechenskaya