US political change could expose crypto to $20T industry: Bitwise
Regulatory uncertainty is holding back the $20 trillion dollar financial advisory industry from investing more in crypto, claims Bitwise investment head Matt Hougan.
The crypto space could be exposed to the trillions in the financial advisory industry once United States regulators clear up legal uncertainties, says crypto asset manager Bitwise’s investment head.
Regulatory uncertainty has been the main reason why financial advisors haven’t increased exposure to crypto over the last five years, Bitwise chief investment officer Matt Hougan wrote in a June 4 post.
Hougan thinks the U.S. is finally moving toward regulatory clarity, which could open it up to the country’s $20 trillion financial advisory industry.
“Imagine, then, how much of that $20 trillion will go into crypto when the biggest barrier gets lifted.”
“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 added.
Hougan said a “shift” started last month when Democrats “crossed the aisle” to repeal Staff Accounting Bulletin 121 and again when the House passed the Financial Innovation and Technology for the 21st Century Act (FIT21), which many in the crypto industry marked up as a win.
