Matt Hougan said in an interview with Bloomberg that the cryptocurrency market has shown incredible resilience during the ever-increasing regulatory pressure. And the recent bid to launch a bitcoin spot ETF by major asset manager BlackRock was just one reason for a new bullish cycle.
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“In fact, bitcoin has been rising little by little since last November, when FTX collapsed.. That is cryptocurrencies grew despite all the growing concerns. And now we have BlackRock, who has raised the flag and declared that BTC matters. That this is an asset that institutional investors want to invest in. I think we have entered a new era of cryptocurrencies, I call it ‘mainstream’ and I expect a multi-year bullish trend, which is just starting now,” the businessman reasoned.
The Bitwise CEO predicts that not only cryptocurrencies themselves, but also companies working with this industry will flourish. The businessman is waiting for many new crypto-firms to enter the stock market, as well as companies with large cryptocurrency holdings of their own.
Back in 2021, Matt Haugan said that the futures cryptocurrency ETFs that exist in the U.S. market are not very suitable for long-term investors because of the large side costs. And only when bitcoin spot exchange-traded funds appear will institutional investors begin to make large-scale injections of funds.