Bitwise chief investment officer Matt Hougan expressed further optimism about Bitcoin after US politicians publicly supported the cryptocurrency at a Bitcoin conference in Nashville.
Politicians' Promises Increase Optimism
Hougan's optimism echoes bold ideas like Donald Trump's plan to create a national Bitcoin reserve, Wyoming Senator Cynthia Lummis' announcement of Bitcoin reserve legislation, and Robert F. Kennedy Jr.'s pledge that the U.S. Treasury will reach 4 million Bitcoin reserves by purchasing 500 Bitcoins daily. triggered by political promises.
“These ideas seemed like fanciful things a year ago. But after what I witnessed last week, it seems more likely to happen,” Hougan added. He believes that politicians' open support for Bitcoin indicates a significant shift in sentiment.
The Changing Landscape for Bitcoin
Hougan highlighted Bitcoin's dramatic transformation over the past two years. “Two years ago, FTX was crashing in a historic scam, Bitcoin was trading at $17,000, and skeptics were dancing on the crypto grave. "Now politicians are openly talking about building a 'Bitcoin Fort Knox'," he said.
This shift was further reinforced by the US Department of Justice's recent partnership with Coinbase, despite a lawsuit filed by the US Securities and Exchange Commission (SEC) alleging the firm was operating as an unregistered securities exchange. While Hougan suggested that not all politicians' support for Bitcoin may be sincere, he stated that this public support emerged in response to Americans' adoption of cryptocurrency. “Politicians are embracing crypto because Americans are embracing crypto,” he said.
Future Price Predictions
Hougan refrained from giving a specific price prediction, but MicroStrategy's Michael Saylor predicted that Bitcoin could reach $13 million by 2045, with the price rising to $49 million in a "bull scenario." This aligns with crypto asset manager VanEck's prediction that Bitcoin could reach $52 million by 2050. Despite the optimistic outlook, Bitcoin has experienced volatility recently. After reaching nearly $70,000 on July 29, it has lost over 8% and remains 13.4% below its all-time high of $73,737 set on March 14.
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