The CEO of Bitwise, the world’s largest crypto index fund manager, says a multi-year bull market is now erupting, fueled by a long-awaited wave of institutional interest.
In a new Bloomberg interview, Matt Hougan says crypto prices have shown incredible resilience in the face of increasing regulatory scrutiny.
Hougan says BlackRock’s recent foray into Bitcoin (BTC) could be the icing on the cake for new bull market conditions.
“Prices have actually gone up since last November after the FTX debacle.
So this has climbed a wall of worry and now we have BlackRock, the world’s largest asset manager, sticking its flag in the ground saying that Bitcoin matters, and that it’s an asset that institutional investors want for the next five to 10 years to own . I think we have entered a new era of crypto. I call it “the mainstream era of crypto” and I think we have entered a multi-year bull market that has just begun.
The CEO too predictions a new chapter on growth that goes beyond asset prices. He says crypto stocks are now about to boom and predicts a big wave of new crypto companies entering the stock market.
“There is a pent-up pipeline of interested companies in the crypto space, crypto infrastructure companies that will see materially stronger results as Bitcoin and other crypto assets continue to rise.
So I expect the IPO (initial public offering) pipeline to open. I would say more broadly that crypto stocks have outperformed crypto asset prices. Our index of crypto stocks is up over 100% this year, so we’re definitely going to see more debuts. We’re going to see this industry grow in leaps and bounds, I think it’s a very exciting time for crypto.”
Crypto stocks are stocks with high exposure to the digital asset markets or the underlying distributed ledger technology.
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