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Bitwise CIO Matt Hougan Predicts Major Upside for Bitcoin Following 2024 Conference

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Aug 02, 2024 am 09:09 AM

bitcoin Bullish Upside

Matt Hougan, the chief investment officer of Bitwise Asset Management, shared his bullish outlook on the bitcoin market Tuesday after attending the 2024 Bitcoin

Bitwise CIO Matt Hougan Predicts Major Upside for Bitcoin Following 2024 Conference

Bitwise Asset Management’s chief investment officer (CIO) believes the industry is not bullish enough about bitcoin, given the current market dynamics. He pointed to increasing political support, including Donald Trump’s proposal for a national bitcoin stockpile and various legislative initiatives, as indicators of a potential market shift and significant upside for BTC investors.

Bitwise CIO Predicts Major Upside for Bitcoin Following 2024 Conference

On April 25, Matt Hougan, the chief investment officer of Bitwise Asset Management, shared his bullish outlook on the bitcoin market following his attendance at the 2024 Bitcoin Conference in Nashville, Tennessee. Hougan detailed his perspective on the Bitwise website, beginning with:

We’re not bullish enough … What’s happening in the bitcoin market right now is making me rethink what’s possible.

The Bitwise CIO noted the surprising political support for cryptocurrency that emerged during the Bitcoin Conference, signaling a potential shift in the BTC market’s trajectory. Hougan described how Republican presidential nominee Donald Trump announced plans for a national bitcoin stockpile, aiming to make the U.S. the “crypto capital of the world.” Trump has raised $25 million from the crypto industry and bitcoin whales to date.

Furthermore, U.S. Senator Cynthia Lummis (R-WY) proposed a bill for the U.S. Treasury to acquire one million bitcoin, indicating a significant shift toward digital assets. Rep. Ro Khanna (D-CA) urged Democrats to embrace BTC as key to America’s financial future, while independent presidential candidate Robert F. Kennedy Jr. (RFK Jr.) called for the U.S. to hold 4 million bitcoin, comparing it to the nation’s gold reserves.

Tennessee Senators Bill Haggerty and Marsha Blackburn also voiced strong support, with Haggerty saying bitcoin represents American values of freedom and liberty. Hougan added: “Presumptive Democratic presidential nominee Kamala Harris didn’t attend the conference but felt enough political pressure to leak plans for a Democratic ‘reset’ with crypto companies.”

The Bitwise CIO remarked on the overwhelming support for bitcoin and the crypto industry that emerged at the conference, stating: “This is crazy.” He emphasized:

For investors, these developments mean you need to reevaluate the scale of bitcoin’s potential near-term upside.

“These ideas would have been the stuff of daydreams a year ago. But after what I witnessed last week, they look more likely than not,” he concluded. “If the 2024 Bitcoin Conference conveyed anything, it was this: It’s time to rethink what’s possible for bitcoin.”

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