Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitwise CIO says market is ‘not bullish enough’ amid rising political endorsements

Share This Post

Bitwise CIO Matt Hougan believes the market is “not bullish enough” about Bitcoin, and investors need to rethink the flagship crypto’s potential upside after what happened at the Bitcoin2024 conference.

Hougan’s reflections on the 2024 Bitcoin Conference in Nashville suggest a dramatic shift in what’s possible for Bitcoin compared to even two years ago. He attributed the shift in sentiment to the significant political endorsements Bitcoin received at the event.

Hougan said:

“What’s happening in the Bitcoin market right now makes me rethink what’s possible.”

Shifting tides

The conference, which took place in Nashville, showcased unprecedented political endorsements for Bitcoin. GOP presidential nominee Donald Trump announced plans for a strategic national bitcoin stockpile, aiming to make America the “crypto capital of the world.”

Meanwhile, Sen. Cynthia Lummis (R-WY) introduced a bill advocating for the US Treasury to acquire 1 million Bitcoin in the open market, while Rep. Ro Khanna (D-CA) called on Democrats to embrace Bitcoin as a key part of America’s financial future.

Sen. Roy Haggerty (R-TN) and Sen. Marsha Blackburn (R-TN) also expressed their support, with the former stating that Bitcoin was in his “DNA.”

Independent presidential candidate Robert F. Kennedy Jr. vowed to make Bitcoin a strategic reserve asset if elected. RFK added that he would issue an executive order on day one directing the Treasury to acquire 4 million Bitcoin to match the US’ 19% share of global gold reserves.

Even presumptive Democratic presidential nominee Kamala Harris, though absent, reportedly felt the political pressure, leading her team to hint at a “reset” with crypto companies following strong criticisms from industry leaders.

Hougan highlighted the dramatic turnaround in the crypto landscape, saying:

“Less than two years ago, FTX was collapsing in a historic fraud, bitcoin was trading at $17,000, and skeptics were dancing on crypto’s grave. Now, politicians are openly talking about building a ‘Bitcoin Fort Knox.’”

Hougan suggested that political endorsements may be driven by the growing popularity of crypto among Americans. He explained that crypto has gained substantial political influence in the US due to its widespread adoption, with over 80 million Americans owning crypto.

He noted that the industry’s powerful lobbying presence in Washington has prompted many politicians to publicly support Bitcoin, even if their backing is more about appealing to its growing popularity than genuine belief in its value.

According to Hougan:

“Most politicians don’t truly love Bitcoin; they are just genuflecting to its rising popularity.”

However, he also noted:

“But I’m not sure that matters. When you say ‘opportunism,’ I say, ‘That’s how politics works.’ Politicians are embracing crypto because Americans are embracing crypto.”

Daydreams now plausible

According to Hougan, this shift in perspective and the rising popularity of Bitcoin have made him “rethink what’s possible.”

He highlighted several scenarios that seem more plausible now, including a G20 country adding Bitcoin to its balance sheet to preempt the US, comprehensive crypto legislation passing swiftly due to bipartisan support, and Wall Street massively embracing crypto.

Hougan noted that these ideas, once considered far-fetched, are becoming increasingly likely. He said:

“These ideas would have been the stuff of daydreams a year ago. But after what I witnessed last week, they look more likely than not.”

He concluded that all of these developments mean it’s time to reevaluate Bitcoin’s upside potential. Hougan believes the market is underestimating the shifting sentiment.

The post Bitwise CIO says market is ‘not bullish enough’ amid rising political endorsements appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Can Dogecoin Reach $0.60? This Price Level Is Now Crucial

In his latest YouTube briefing to 292,000 subscribers, the analyst known as “More Crypto Online” (MCO) argued that Dogecoin’s recovery from early-May support keeps the memecoin’s larger

Too Late to Buy Bitcoin? Samson Mow Issues Bull Run Warning as Price Breaks $103K

The post Too Late to Buy Bitcoin Samson Mow Issues Bull Run Warning as Price Breaks $103K appeared first on Coinpedia Fintech News Bitcoin has crossed $103,000, and JAN3 CEO Samson Mow is making

Why is Crypto Going Up Today? Top Altcoins to Buy Before It’s Too Late

With virtually all crypto going up today, knowing which altcoins to buy can make the difference between staying poor and becoming the next ‘crypto dude’ To put it bluntly, Bitcoin’s price

Shiba Inu Price Jump By 15% – More 60% Rally To Come

The post Shiba Inu Price Jump By 15% – More 60% Rally To Come appeared first on Coinpedia Fintech News Shiba Inu (SHIB), the internet’s favorite dog-themed coin, is making headlines once again

Bitcoin Price To $150,000: BTC Is Mirroring Bullish Fractal From 2020

The Bitcoin price has now showed bullishness once again, beating the $100,000 resistance and continuing to rise This seems to be par for the course for the leading cryptocurrency by market cap as

SEC commissioner criticizes Ripple settlement, warns of weakened crypto oversight

US Securities and Exchange Commission (SEC) Commissioner Caroline Crenshaw has strongly opposed the agency’s recent settlement with Ripple Labs, arguing that it weakens regulatory oversight and