Matt Hougan, Bitwise's Chief Investment Officer, stated that the sense of optimism about the future of Bitcoin has increased following significant support from US politicians at the recent Bitcoin 2024 conference in Nashville, Tennessee.
Bitwise Executive Says 'We're Not Bullish Enough' Despite Growing Political Support for Bitcoin
“We are not bullish enough,” Hougan said, reflecting the surprising shift in political discourse.
Hougan highlighted several key promises made by US politicians, including former President and Republican candidate Donald Trump's proposal to create a national Bitcoin reserve.
Wyoming Senator Cynthia Lummis announced that she is planning a Bitcoin reserve bill aimed at addressing the nation's $35 trillion debt crisis.
In addition, independent presidential candidate Robert F. Kennedy Jr. He has pledged that if elected, he will have the US Treasury purchase 500 Bitcoins daily until a reserve of 4 million Bitcoins is accumulated.
“These ideas might have been wishful thinking a year ago, but after what I witnessed last week, the likelihood of these ideas coming true seems higher than ever,” says Hougan.
Hougan highlighted the rapid shift in sentiment, noting that less than two years ago the cryptocurrency industry was rocked by the collapse of FTX, with Bitcoin trading at $17,000 amid widespread skepticism.
Hougan also pointed to a recent partnership between the U.S. Department of Justice and Coinbase, just a year after the U.S. Securities and Exchange Commission (SEC) sued Coinbase for allegedly operating as an unregistered securities exchange.
This partnership demonstrates a shift in the regulatory environment and further increases confidence in the cryptocurrency industry.
Hougan suggested that this trend is indicative of broader acceptance of digital assets, although he acknowledged that some politicians may be in tune with crypto out of political necessity rather than genuine support.
*This is not investment advice.
