Bitwise Exec Says They're Not Bullish on Crypto Despite Political Influence

August 01, 2024 12:00 AM AEST | By Team Kalkine Media

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Bitwise Exec Says They're Not Bullish on Crypto Despite Political Influence — Image source: shutterstock.com

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The recent Bitcoin 2024 conference in Nashville, Tennessee, has marked a significant turning point in the discussion surrounding Bitcoin as a reserve asset. Matt Hougan, Chief Investment Officer at Bitwise, expressed that the idea of Bitcoin being considered by US politicians as a reserve asset, which once seemed like a distant fantasy, is now becoming a reality.

Political Endorsements of Bitcoin

During the conference, several prominent US politicians publicly endorsed Bitcoin, prompting Hougan to reassess the potential of Bitcoin. Noteworthy endorsements included Republican candidate and former President Donald Trump, who proposed the establishment of a strategic national Bitcoin stockpile. Additionally, Wyoming Senator Cynthia Lummis introduced a Bitcoin reserve bill aimed at addressing the country’s $35 trillion debt crisis. Independent presidential candidate Robert F. Kennedy Jr. committed to having the US Treasury purchase 500 Bitcoin per day until the country amasses at least 4 million Bitcoin.

Regulatory Developments

Hougan also highlighted a significant development in the regulatory landscape: the US Department of Justice’s recent collaboration with Coinbase, which follows a lawsuit from the US Securities and Exchange Commission alleging that the firm was operating as an unregistered securities exchange.

Future Price Predictions

Although Hougan did not provide a specific price prediction, Michael Saylor, the visionary behind MicroStrategy’s Bitcoin investment strategy, forecasted that Bitcoin could reach $13 million by 2045. His most optimistic “bull case” prediction suggests a potential value of $49 million, aligning closely with a recent forecast by crypto asset manager VanEck, which estimated Bitcoin could hit $52 million by 2050.

Despite these optimistic projections, Bitcoin has faced recent challenges. According to CoinGecko data, Bitcoin has fallen more than 8% since its near peak of $70,000 on July 29 and remains 13.4% below its all-time high of $73,737, which was set on March 14.

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