CandleFocus Bitwise CIO: Election removes crypto’s remaining ‘reputational risk’
2024-11-11
Author: Content Editor
The recent election win by Donald Trump and the increasing number of pro-crypto Congress members have eliminated the reputational risk associated with cryptocurrencies, according to Bitwise Chief Investment Officer Matt Hougan. This has resulted in a surge in the price of Bitcoin, which reached a new peak of nearly $85,000. The expected regulatory clarity and institutional adoption of crypto will further drive buying, with Hougan expecting Bitcoin to hit $100,000 by the end of the year. Additionally, Hougan believes that this positive regulatory environment will benefit other crypto assets and lead to a "golden age of crypto applications." However, institutional adoption may be slow due to the time-consuming processes involved in allocating capital. Overall, there is growing confidence in the future of cryptocurrencies and their place in investment portfolios.
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