Bitwise's Matt Hougan Says He's 'Not Bullish Enough' on Bitcoin After Hearing US Politicians Embrace It at Nashville Conference
- PHPzOriginal
- 2024-08-01 15:43:14988browse
Among the promises were Republican candidate Donald Trump's plan to build a strategic national Bitcoin stockpile, Wyoming Senator Cynthia Lummis' announcement of a Bitcoin reserve bill to clean up the country's $35 trillion debt crisis and independent candidate Robert F. Kennedy Jr.'s promise to make the US Treasury buy 500 Bitcoin per day until at least 4 million Bitcoin is reached.
Several influential United States politicians embraced Bitcoin at a recent conference in Nashville, and Bitwise’s chief investment officer Matt Hougan says he left with one big takeaway: “We’re not bullish enough.”
Hougan elaborated on the matter in a July 31 post, saying that several recent promises made by these US politicians have prompted him to “rethink what’s possible” with Bitcoin ( BTC ) .
Among those promises were Republican candidate Donald Trump’s plan to build a strategic national Bitcoin stockpile, Wyoming Senator Cynthia Lummis' announcement of a Bitcoin reserve bill to clean up the country’s $35 trillion debt crisis, and independent candidate Robert F. Kennedy Jr.’s promise to make the US Treasury buy 500 Bitcoin per day until at least 4 million Bitcoin is reached.
“These ideas, which range from the interesting to the outlandish, would have been the stuff of daydreams a year ago. But after what I witnessed last week, they look more likely than not,” Hougan said.
Hougan furthered his case by highlighting the US Department of Justice’s recent partnership with Coinbase 12 months after the US securities regulator sued the firm, alleging that it was operating as an unregistered securities exchange. Hougan also noted that several politicians may not “truly love” Bitcoin and are simply “genuflecting” to its rising popularity — but where they lie on that spectrum may not even matter.
“The politicians’ motivations are irrelevant. What matters is that they’re talking about Bitcoin in a way that’s never happened before,” Hougan said.
“And that, in turn, is changing the conversation among the US public at large. Those changes are likely to continue driving Bitcoin adoption, which will ultimately drive the price to new highs.”
Hougan’s bullish sentiment echoes that of other attendees at the conference, including Blockstream CEO Adam Back, who said that the event felt like “a victory lap” for Bitcoin.
Meanwhile, Hougan’s optimism is also reflected in the recent bullish price predictions for Bitcoin. Though Hougan himself didn’t provide a price prediction, MicroStrategy’s Michael Saylor — who was also in attendance at the conference — estimated that Bitcoin will reach $13 million before 2045.
At the Bitcoin 2024 conference, Saylor’s “bull case” price prediction was even higher at $49 million — close to a recent prediction by crypto asset manager VanEck that Bitcoin could reach $52 million by 2050.
Despite the bullishness, Bitcoin is down over 8% since it nearly clipped $70,000 on July 29 and is still 13.4% off the $73,737 all-time high price it set on March 14, according to CoinGecko.
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