The crypto world is buzzing with excitement, and Bitwise CIO Matt Hougan thinks we’re not seeing the full picture. He believes the industry is “not bullish enough” as major players like the government and Wall Street are showing increasing interest in digital assets.
A New Era of Crypto Acceptance?
Hougan points to a dramatic shift in sentiment. What was once considered far-fetched, like Congress passing clear crypto regulations or Wall Street embracing crypto on a large scale, is now becoming a reality.
“We’re all used to thinking about the risks of crypto crashing,” Hougan says. “But now there’s a real chance of a major upside. Could we see a major country like the US adding Bitcoin to its reserves? Could we see comprehensive crypto legislation passed quickly? Could Wall Street go all-in on crypto?”
These were once just daydreams, but recent events have made them seem more likely than ever.
Government Embraces Bitcoin?
Senator Cynthia Lummis of Wyoming has proposed a bold idea: the US government should hold 5% of Bitcoin’s total supply as a reserve asset. This would be a massive step for the US and shows a clear shift in Washington’s view on crypto.
“A year ago, the SEC was suing Coinbase,” Hougan notes. “Now the US Department of Justice is partnering with Coinbase to secure its crypto, and we’re talking about the US holding Bitcoin as a reserve asset.”
The Bottom Line
The crypto landscape is changing rapidly. While there are still risks, Hougan believes the potential for upside growth is huge. He urges investors to consider the possibility of a major shift in the market and be prepared for the unexpected.
