The process, which started with the spot Bitcoin ETF application of the world's largest asset manager BlackRock, continued with the applications of other giant companies.
One of the companies that applied for the Spot Bitcoin ETF was Bitwise Asset Management, one of the leading providers of cryptocurrency index funds.
Bitwise is the second largest company to be named spot ETF after BlackRock, while Bitwise chief investment officer (CIO) Matt Hougan spoke to Bloomberg.
Stating that crypto is shifting towards mainstream finance and a new era has begun, Matt Hougan stated that this is due to factors such as the increasing interest of institutional investors and the continued development of the industry's infrastructure.
“Crypto is leaning towards mainstream finance and this is not a sudden event. This is more the result of a steady growth trend in the industry.
Cryptocurrency prices have been on the rise since the FTX bankruptcy last November. We are currently in a multi-year bull market that has just begun.
Also, the world's largest asset manager BlackRock is making significant strides in crypto and says Bitcoin is important.
This makes BTC an asset that institutional investors will want to own for the next five to ten years.
I think we've entered a new crypto age.”
However, Hougan warned investors that the bull market we entered could be full of difficult paths.
At this point, Hougan stated that he remains optimistic about crypto and Bitcoin in the long term and attributed this optimism to significant institutional interest.
“Large institutional investors are very interested in and entering the crypto market, which is why they are applying for a spot Bitcoin ETF.
For these reasons, the long-term outlook on BTC and crypto seems extremely strong.
Regulatory clarity is also important for a better long-term outlook. Every regulatory step forward is a building block for a bull market.”
*Not investment advice.