Bitwise CIO Predicts Crypto Catalyst Bigger Than Blackrock


Bitwise
Chief
Investment
Officer
Matt
Hougan
released
a
compelling
investor

memo
titled
“Washington
Awakens:
This
Is
What
Alpha
Looks
Like,”
predicting
a
monumental
shift
in
the
crypto
market
influenced
by
changing
regulatory
landscapes,
potentially
surpassing
the
impact
of

BlackRock’s
foray
into
Bitcoin
and
altcoins.

This
Crypto
Development
Is
Bigger
Than
BlackRock

In
his
memo,
Hougan
outlines
the
significant,
yet
underappreciated
shifts
in
Washington
D.C.’s
attitude
towards
digital
assets.
“Few
outside
the
crypto
bubble
seem
to
notice
Washington’s
evolving
attitude
toward
crypto.
That
could
spell
alpha,”
Hougan
writes,
pointing
to
the
recent
bipartisan
movements
in
US
legislation
that
signal
a
warming
stance
towards
digital
assets.

How To Get Free Crypto  

Alpha
signifies
an
investment
strategy’s
ability
to
outperform
the
market,
often
reflecting
an
edge
or
advanced
insight.
Hougan,
leveraging
his
experience
managing
the
world’s
largest
crypto
index
fund,
argues
that
understanding
nuances
in
regulatory
changes
could
be
the
key
to
unlocking
such
alpha.

The
memo
details
recent
legislative
actions,
such
as
the

House
vote
on
May
8,
where
21
Democrats
sided
with
Republicans
to
repeal
SEC’s
SAB
121,
a
regulation
that
hinders
large
banks
from
handling
digital
assets.
Additionally,
on
May
20,
a
notable
71
Democrats
joined
208
Republicans
to

support
FIT21,
a
comprehensive
bill
favoring
oversight
by
the
crypto-friendly
Commodity
Futures
Trading
Commission
(CFTC).

These
actions,
however,
face
challenges,
highlighted
by
President
Biden’s

recent
veto
of
the
SAB
121
repeal,
marking
a
setback
in
the
legislative
process.
Despite
this,
Hougan
remains
optimistic
about
the
evolving
political
climate.
“We’ve
been
sailing
upwind
for
a
decade
in
crypto.
Finally,
the
winds
have
started
to
change,”
he
states.

Hougan’s
memo
also
underscores
the
significant
surprise
approval
by
the
SEC,
under
Chair
Gary
Gensler,
to

list
spot
Ethereum
ETFs—a
move
few
expected
this
spring,
which
reflects
a
gradual
but
meaningful
shift
in
regulatory
stance
towards
digital
assets.

Coinbase Banner  

Highlighting
the
disconnect
between
Washington’s
actions
and
public
perception,
Hougan
comments,
“I’ve
been
on
the
road
speaking
at
conferences
[…]
and,
try
though
I
might,
I
cannot
get
this
story
to
resonate
with
people.”
He
suggests
that
the
complexity
of
the
situation
and
the
indirect
impact
of
these
changes
have
kept
them
from
catching
the
public’s
eye.

Yet,
the
potential
for
substantial
market
movement
is
immense.
Hougan
illustrates,
“Imagine,
then,
how
much
of
that
$20
trillion
will
go
into
crypto
when
the
biggest
barrier
gets
lifted.”
He
refers
to
the
long-standing
issue
of
regulatory
uncertainty,
consistently
cited
as
the
main
hurdle
by
US
financial
advisors
wary
of
increasing
Bitcoin
and
crypto
holdings.

Comparing
the
potential
market
movement
to
the
entry
of
BlackRock
into
the
space,
Hougan
posits
that
a
full
acceptance
by
Wall
Street
could
dwarf
the
effects
seen
from
BlackRock’s
involvement.
“If
you
think
BlackRock’s
move
into
the
crypto
space
positively
impacted
the
market,
imagine
if
all
of
Wall
Street
accepted
crypto
as
a
normal
part
of
the
market,”
he
elaborates.

Concluding
his
memo,
Hougan
hints
at
a
bullish
future,
“The
market
will
wake
up
to
the
fact
that
we
are
in
a
new
era
for
crypto,
and
when
it
does,
I
suspect
it
will
move
the
industry
towards
all-time
highs.”
However,
he
notes,
“But
until
it
does,
there
may
just
be
some
alpha
laying
around.”

FreeBitcoin Banner  

At
press
time,
Bitcoin
traded
at
$71,018.

BTC
price
soars
above
$71,000,
1-day
chart
|
Source:

BTCUSD
on
TradingView.com

Featured
image
from
Shutterstock,
chart
from
TradingView.com

Go to Source
Author: Jake Simmons


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.