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Bitwise CIO Says Market Undervalues Washington's Changing Attitude Towards Crypto
Hougan said the U.S. political landscape regarding cryptocurrencies has shifted significantly toward a more positive stance in recent weeks.
Bitwise CIO Matt Hougan believes the market is underestimating the importance of Washington's changing attitude toward cryptocurrencies.
Hougan said in a June 4 memo that the U.S. political landscape regarding cryptocurrencies has shifted significantly toward a more positive stance in recent weeks, and that the market would already be at a new all-time high if its impact had been discounted.
He added that the changing tides in Washington could unlock substantial "alpha," a term used to describe an investment strategy's ability to outperform the market.
changing tides
Cryptocurrencies have historically been a partisan issue, with Republicans generally supporting them and Democrats showing resistance. Hougan cited Senator Elizabeth Warren (D-MA), who announced plans to “build an anti-cryptocurrency army” last March as an example of Democratic opposition.
However, cryptocurrency advocates have been strategically building political influence, culminating in major legislative actions.
On May 8, 21 House Democrats voted alongside Republicans to repeal SAB 121, a controversial SEC rule that restricts large banks from holding cryptocurrencies. The Senate followed suit, and 10 Democrats, including Senate Majority Leader Chuck Schumer, joined the GOP in support of repeal.
This marked the first positive legislative action on cryptocurrencies in US history.
