Bitwise Asset Management believes “bitcoin is in a fierce bull market” in the long term, with senior executives expecting the upcoming Bitcoin halving to be “The biggest impact we’ve ever seen.”
The company’s Chief Investment Officer explains: Global wealth managers allocating just 1% of their portfolios to Bitcoin would mean an inflow of approximately $1 trillion in capital.
‘We believe Bitcoin is in a fierce bull market’
CEO and CIO of Bitwise Asset Management discuss the cryptocurrency trend. Bitcoin And the halving is happening this week after Bitwise launched its bitcoin ETF in early January.
Bitwise CIO Matt Hougan noted that in the short term “it looks like Bitcoin is likely to move sideways on minor sentiment changes.” However, he emphasized:
“Longer term, we believe Bitcoin is in for a fierce bull market.“
“Not only has it increased nearly 300% in the last 15 months. But there are strong reasons to think that will continue to be the case,” he explained.
“The launch of the Spot bitcoin ETF in January opened up the crypto market to investment professionals in a significant way for the first time,” he explains. “These investors control tens of trillions of dollars — all over the world, and if they Just starting to move into crypto, this will be a multi-year process. Not for months.”
“Imagine a global wealth manager allocating just 1% of their portfolio to Bitcoin, on average increasing the risk-adjusted return of their traditional portfolio by 60/40 every three years in its history. Bitcoin,” Hougan continued.
“Just a 1% allocation would mean about $1 trillion flowing into the space.”
“Last Bitcoin Halving in 2020, Bitcoin was priced at ~$9,000, so the supply drop in dollar value terms was ~$9M per day and ~$3B per year.”
refer : bitcoin.com
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