Matt Hougan, chief investment officer at Bitwise, which has more than $2 billion in assets under management, described the state of the crypto world as “strange” in the company’s client note this week.
“Great opportunity for the long-term investor”
Stating that despite all the difficulties, many developments will be seen in the coming period that will bring rises, Hougan made the following statements:
“We think that investments in Bitcoin spot ETFs will continue to increase. Ethereum spot ETFs will also eventually open for trading. Fed interest rate cuts will come and the improvement of Washington’s perspective on the crypto world will relieve this industry in every sense. We are going through a strange period right now. We’ve seen that the short-term news is all negative. But in the long term, the news is good… The situation we are in creates a great opportunity for long-term investors. We expect the price to exceed $ 100,000 by the end of the year and especially spot Bitcoin ETFs to receive billions of dollars of investments towards the end of the year.”
As it will be remembered, yesterday’s inflation figures for June in the USA were more positive than expected, and the expectation that the Fed would cut interest rates for the first time in September was based on 85%.
Although Bitcoin rose above $ 59,000 for a short time after the announcement of inflation figures, it then dropped to $ 57,000 again.