Bitwise Asset Management chief investment officer (CIO), Matt Hougan, predicts a massive bull cycle for Ethereum (ETH) based on several factors.

In a new interview with Scott Melker, Hougan says that spot Ethereum exchange-traded funds (ETFs) could attract $15 billion within 18 months of their approval, which is expected soon. He describes it this way:

“So I think it’s a down-the-middle forecast. We could be higher, we could be a little lower, but I think there’s $15 billion in the bag.”

He also believes that two additional bullish factors for ETH could drive its value higher: greater adoption of crypto by the US government and Ethereum’s recent network upgrade, Dencun, which aims to reduce layer-2 transaction fees and data availability. He says:

“I think these numbers ignore the fact that we’re entering the usual ETH cycle. They also ignore two huge headwinds that I see for ETH, namely that there was a lot of regulatory uncertainty, and a lot of that has dissipated over the last two months.

Not only have we seen progress on the ETF front, but we’ve also seen Washington generally change its tune on crypto. That’s a huge tailwind for ETH. And then you have the aftermath of the Dencun upgrade, which I don’t think the market has fully appreciated what that’s going to mean for this market.”

Source: https://cryptobenelux.com/2024/07/06/bitwise-hoofd-voorspelt-enorme-bull-cyclus-voor-ethereum/



Leave a Reply

Your email address will not be published. Required fields are marked *