Bitwise: Trump's crypto order could disrupt Bitcoin's 4-year cycle
Bitwise's Matt Hougan said cryptocurrencies would not "completely outperform" a four-year cycle, but claimed market pullbacks would be "shorter and shallower" than before.
US President Donald Trump's recent executive order on cryptocurrencies could disrupt the four-year boom-bust cycle that the crypto market has experienced over the past decade, according to Bitwise chief investment officer Matt Hougan.
Trump's sweeping January 23 executive order, along with changes to the Securities and Exchange Commission (SEC), has ushered in “the full integration of cryptocurrencies into the financial system,” allowing banks and Wall Street to “aggressively move into the sector,” Hougan said in a note published on January 29.
He added that cryptocurrency exchange-traded funds (ETFs) are already large enough to attract billions of new investors, but said he was convinced that Trump's executive order, which seeks to explore the creation of a digital asset reserve and draw up a regulatory framework, "will bring in trillions."