Bitwise’s top investor, Matt Hougan, shared his thoughts on how Bitcoin and other cryptocurrencies are doing right now in a new statement.
In the midst of recent ups and downs, with the price of Bitcoin going between $60,000 and $70,000, Hougan advised investors to stay calm and think about the long-term.
Hougan says that Bitcoin is not changing much right now. The market is waiting for some important things to happen around April 20, like the Bitcoin halving, the possible approval of Bitcoin ETFs on large client platforms like Morgan Stanley or Wells Fargo, and the review of Bitcoin by different investment committees and advisors.
Bitcoin’s value has been staying the same and not changing much because of people’s feelings about it. But Hougan still thinks that Bitcoin will do well in the long run. He says that Bitcoin’s value has gone up by almost 300% in the last 15 months and thinks this will continue for good reasons.
In January, the introduction of spot Bitcoin ETFs was a big deal because it allowed investment professionals to start trading in the crypto market for the first time. Hougan says that these investors have a lot of money, possibly more than $100 trillion, and this could really make a big difference. He believes it will take a long time, maybe even years, for them to start doing business with cryptocurrencies.
Hougan says that $12 billion has been put into ETFs since January, making it the most successful ETF launch ever. However, he thinks that this is only the start. The analyst said that if rich people and investment companies put just a small amount of their money into Bitcoin, about $1 trillion would go into Bitcoin. In comparison, the current $12 billion is just a small part of the total amount possible.
This is not a recommendation for investing.