Bitwise CIO On Bitcoin: ‘We’re Not Bullish Enough’ – Here’s Why
2024年8月1日 - 5:30PM
NEWSBTC
Matt Hougan, Chief Investment Officer (CIO) of Bitwise, claims in a
new memo to investors following the 2024 Bitcoin Conference that
the market may not be bullish enough about the future of BTC. The
conference was a watershed moment that attracted massive political
attention and could influence the future trajectory of Bitcoin
heavily. Why You Are Not Bullish Enough On Bitcoin The conference
featured a number of groundbreaking statements from high-profile
political figures. First and foremost, GOP’s presidential candidate
Donald Trump’s statement about building a national Bitcoin reserve
caused huge waves. Trump articulated a vision of America as the
“crypto capital of the world” and proposed the establishment of a
“strategic Bitcoin stockpile”. Senator Cynthia Lummis (R-WY)
presented a bill that would require the US Treasury Department to
procure 1 million Bitcoin. Rep. Ro Khanna (D-CA) called on the
Democratic Party to move away from previous restrictive policies
and embrace cryptocurrencies as an integral part of the US
financial system. Related Reading: Research Firm Predicts Bitcoin
Game Theory In Global Adoption Race In an even more ambitious call,
independent presidential candidate Robert F. Kennedy Jr. suggested
that the US Treasury should acquire 4 million Bitcoin. This figure
is intended to be equivalent to the US’s share of the world’s gold
reserves. According to Hougan, the political discourse surrounding
Bitcoin has rapidly evolved from skepticism to strategic
acceptance, a transformation punctuated by recent crises and
regulatory challenges. The collapse of FTX in late 2022, which
marked one of the most significant upheavals in crypto history,
casted a long shadow over the industry. However, as Hougan noted,
the resilience of Bitcoin and the broader crypto market has been
remarkable. “This is crazy. Less than two years ago, FTX was
collapsing in a historic fraud, bitcoin was trading at $17,000, and
skeptics were dancing on crypto’s grave. Now politicians are openly
talking about building a ‘Bitcoin Fort Knox,’ Hougan writes.
Related Reading: Hedge Fund Manager Says Bitcoin Price Will Reach
$428,000 If This Happens He further points out that less than a
year after the SEC’s aggressive action against Coinbase, the US
Department of Justice is now cooperating with the same platform to
secure its crypto operations, reflecting a broader recalibration of
governmental attitudes towards Bitcoin and cryptocurrencies. Hougan
suggests that these developments are not merely opportunistic but
reflect a deeper recognition of cryptocurrencies’ growing influence
in American society. “When you say ‘opportunism,’ I say, ‘That’s
how politics works,'” Hougan stated, acknowledging the strategic
shifts within the US political sphere. The implications for
investors, according to Hougan, are profound. Investors need to
reassess the potential scale of Bitcoin’s growth. Hougan
highlighted the asymmetry in risk perceptions, where the focus has
traditionally been on downside possibilities. “We spend a lot of
time focused on downside risk […] However, there is now an equal
risk to the upside,” he stated. The sentiment on Wall Street is
also seeing a notable shift. In a conversation reported from the
conference, Goldman Sachs CEO David Solomon referred to Bitcoin as
a potential store of value, indicating growing interest from major
financial institutions. The Bitwise CIO mused, “Could we wake up
tomorrow and find out that a G20 country has added bitcoin to its
balance sheet, looking to front-run the US? Could comprehensive
crypto legislation get passed more quickly than expected in the US
as bipartisan support strengthens? Could Wall Street massively
embrace crypto, at a scale much larger than most expect? “ Overall,
the 2024 Bitcoin Conference has evidently served as a catalyst for
rethinking Bitcoin’s role on both national and global stages.
“These ideas would have been the stuff of daydreams a year ago. But
after what I witnessed last week, they look more likely than not,”
Hougan concluded. At press time, BTC traded at $64,136. Featured
image from YouTube / Mr. M Podcast, chart from TradingView.com
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