Bitwise manager In Bitwise, one of the asset management firms with Bitcoin and Ether spot ETFs, CIO Matt Hougan claimed that the upward period in cryptocurrencies was not fully seen. “The actual story of this year will be written at the end of the 3rd quarter or the beginning of the 4th quarter. The doors of many companies that manage trillions of dollars still have not opened to the crypto world, but the process is accelerating," he said.
Like the traditional financial world, the cryptocurrency universe concentrates on the Fed's interest rate cuts, while Matt Hougan, one of the well-known executives of asset management company Bitwise, said that he thinks the expected rises will come at the end of the year.
Hougan, who is a guest on the Youtube channel of US crypto journalist Scott Melker, stated that the institutions known as "wire house" and serving individual investors mostly through large companies are still not included in the ETF field.
'The real big story has not been written yet'
Unlike companies such as BlackRock and Fidelity, Matt Hougan, who drew attention to these large financial services companies, which are mostly oriented towards individual investors and have wide branches networks, drew attention to the end of the 3rd quarter and the 4th quarters:
“I think the real big story of this year will be written in the 3rd and 4th quarters. Especially large money will flow to ETFs. A significant amount of money will be entered into major financial services firms such as Merrill Lynch, Morgan Stanley, UBS, Wells Fargo. I think we will see this either at the end of the 3rd quarter or the beginning of the 4th quarter. The doors of these companies, which manage trillions of dollars, will be opened to the crypto world”
'Larger companies haven't even arrived...'
Stating that people think these funds are open to everyone due to the approval of Bitcoin and Ether spot ETFs in the USA, the Bitwise executive said that this situation is not exactly real:
“When we look at it right now, individual small investors can invest in these ETFs. Independent consulting firms with their own company can also do it. But advisors or investment managers working for large platforms can't. As an example, Morgan Stanley... Without this company's permission, without giving the green light, these consultants who depend on it cannot put money in these ETFs. And most of the money is here... There is still a 70% part that does not enter this area and they are waiting to enter here”
'The process even works fast'
Stating that the platforms called 'Wire house' entered this field within 1 year, especially after the start of an ETF, Hougan said, "This is very normal. In fact, the process is even fast in Bitcoin and Ether. They are coming. I think they will come to both cryptos," he said.
Bitwise CIO described the statement of US presidential candidate Donald Trump creating a strategic reserve with Bitcoin as a "big event" and said, "Two days after that speech, Goldman Sachs' CEO, stated that Bitcoin can serve as a value storage tool. These are very, very important developments," he said.