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The CEO of Bitwise, the world’s largest cryptocurrency index fund manager, has stated that a long-awaited multi-year bull market, fueled by a wave of institutional interest, has now begun.
Expectation of Bull in Bitcoin!
In a new Bloomberg interview, Matt Hougan mentioned that cryptocurrency prices have shown incredible resilience against increasing regulatory scrutiny. Matt Hougan indicated that BlackRock’s recent move in Bitcoin (BTC) could be the best choice for the conditions of the new bull market and included the following statements in his explanations:
“Prices have been rising since last November, after the FTX fiasco. It’s climbing a wall of worry, and now we have the world’s largest asset manager, BlackRock, planting its flag and saying Bitcoin is significant. This is an asset that institutional investors will want to own over the next five to ten years. I think we have entered a new era of cryptocurrency. I call it ‘the mainstream era of crypto’, and I think we have entered a multi-year bull market that’s just getting started.”
“Increase in Crypto Stocks to Come!”
The CEO of Bitwise also foresaw a new phase of growth beyond just asset prices. Noting that crypto stocks are now ‘on the verge of blooming’, the expert pointed out that there could be a significant wave of new crypto companies entering the stock market. The CEO stated:
“In the crypto space, there’s a suppressed line of crypto infrastructure companies that will see materially stronger results as Bitcoin and other crypto assets continue to rise. Therefore, I expect the IPO line to open. I can say more generally that crypto stocks actually performed better than crypto asset prices. Our crypto stock index has increased by more than 100% this year, so we will definitely see more rises. We will see this industry grow rapidly, I think this is a really exciting moment for crypto.”
Crypto stocks are shares that are highly exposed to digital asset markets or the underlying distributed ledger technology.
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