Bitcoin continues to fluctuate at the level of $ 80,000. Since the summit it reached in January, it lost approximately 30 %and reduced its market value to $ 1.5 trillion. However, according to Bitwise’s chief investment official (CIO) Matt Hougan, this decrease consists of a small pause in front of Bitcoin in the future of a market value of a market value of $ 50 trillion.
Bitwise CIO believes that a global Bitcoin will come
According to Hougan, Bitcoin will either be a major financial actor on a global scale or will only be below $ 150,000 as an asset that attracts only a particular segment. In his own words:
Bitcoin is either globally important or does not carry it at all.
Trump’s trade wars and crypto market
Bitcoin and the general crypto market have been negatively affected by the recent economic uncertainties. Donald Trump launched trade wars, earnings reports of large companies that do not meet expectations, various scandals and cyber attacks are shaking markets. In addition, the approaching recession in the US increases the uneasiness of investors.
Bitcoin’s decline in the crypto world is particularly remarkable because Trump promised to support the sector in the pre -presidential period. In the election campaign, Biden announced that the administration would relax its arrangements on the crypto and even form a “national Bitcoin reserve”.
Bitcoin reserve move from the USA
Trump signed a decree that envisages the creation of a BTC reserve by using crypto currencies seized by law enforcement officers last Thursday. However, the market did not give the expected positive reaction to this news. Investors were waiting for Trump to announce a larger BTC purchase program, and when this did not happen, there was disappointment. Bitcoin and other crypto currencies continued to decline during the weekend.
However, according to Hougan, this reaction of the market creates an unnecessary panic atmosphere. According to him, this decision is a big step for Bitcoin in the long run:
“The disappointment in the market is completely irrelevant.”
Hougan emphasizes that the US Treasury Minister and Trade Minister has been ordered to develop strategies for the recruitment of BTC, drawing attention to the decree that entered into force. Moreover, he underlines that the expressions in the text are very clear and binding:
The text is not called ‘ministers can improve this strategy’, they will directly ‘develop’. In official explanations, such words are carefully selected.
