US Elections May Pave the Way for $20 Trillion to Flow into Bitcoin!

The cryptocurrency market could host $20 trillion in cash inflows.

Bitwise Investment President Matt Hougan stated that regulatory uncertainties in the USA prevent the financial advisory industry from investing more in crypto.

Hougan noted that if these uncertainties are resolved, crypto assets could face a sudden influx of cash from the $20 trillion financial advisory industry.

While emphasizing that regulatory uncertainties have reduced financial advisors' interest in crypto in the last five years, he argued that the presidential elections to be held in November will play a critical role.

While he said that the USA is finally moving towards regulatory clarity and this could open the door for the country's $20 trillion financial advisory industry to turn to crypto, he included the following statements in the details of his statement:

So imagine how much of that $20 trillion would go into crypto once the biggest hurdle is removed.

If you thought BlackRock's entry into the crypto space had a positive impact on the market, imagine if all of Wall Street accepted crypto as a normal part of the market.

Cryptocurrencies are sailing against the wind

However, Hougan noted that President Joe Biden's veto of the repeal of SAB 121 shows that crypto still has a long way to go. “Even this is a minor glitch. “We have been sailing against the wind in crypto for a decade,” he said.

Hougan said he thinks there is a lot of “alpha” (high yield) in the crypto market that has yet to be discovered by people “outside the crypto bubble.” He noted that people's eyes continue to "glaze over" when he talks about crypto-related political developments at conferences.