Cryptocurrency index fund manager Bitwise expects the start of a long-term bull market, fueled by a long-awaited surge in institutional interest, according to Bitwise’s chief investment officer (CIO).
Matt Hougan said in an interview that he believes the cryptocurrency market has shown remarkable resilience despite heightened regulatory scrutiny. The recent filing of the iShares BitcoinTrust application by BlackRock subsidiary iShares could be the catalyst for the upcoming bull run.
“Cryptocurrency prices have been on an upward trend since the FTX crash last November,” Hougan said. “BlackRock, the world’s largest asset manager, has come forward to express the importance of Bitcoin, which means that institutional investors want to invest in Bitcoin in the future. Include this asset in their portfolio in five to ten years. I believe we have entered a new phase. A new era of cryptocurrencies. I call it “the mainstream era of cryptocurrencies”. We are witnessing a multi-year The start of a bull market.”
The cryptocurrency market has experienced significant volatility in recent years, ranging from enthusiastic support to cautious skepticism. However, growing participation of institutional players and endorsement by major financial institutions has instilled new confidence among market players.
Hogan emphasized that the market’s resilience in the face of regulatory challenges shows its maturity. He expects that increased regulation will eventually lead to a more stable and secure cryptocurrency ecosystem, laying a solid foundation for continued growth.
BlackRock’s entry into the cryptocurrency space further cements the importance of digital assets in the broader investment world. The iShares Bitcoin Trust application, if approved, will enable BlackRock to offer its clients Bitcoin investments through a regulated and established investment vehicle.