Topic: [2024-03-30] Bitwise Sees 'Raging' Bitcoin Bull Market ... (Read 97 times)
Certainly this halving will be huge in terms of new supply reduction. Once Grayscale holders stop selling that will reduce supply coming on the market which can only help. The question is: how much will be sold? There have been plenty of reasons - the higher fees vs the others, selling gains, plus selling for the idiots who cause the mayhem at FTX etc. I saw earlier this week that someone said if selling continues as it has been GBTC would be out of bitcoin by July. So that would seem to indicate that at least by then and probably well before, the huge selling pressure would taper off.
Bitwise Sees 'Raging' Bitcoin Bull Market — Expects April Halving to Be 'the Most Impactful We've Seen''
Bitwise Asset Management believes that “bitcoin is in a raging bull market” in the long term. Its chief executive anticipates the upcoming bitcoin halving to be “the most impactful we’ve seen.” The firm’s chief investment officer explained that global wealth managers allocating just 1% of their portfolios to bitcoin would mean about $1 trillion of inflows into the space.
‘We Believe Bitcoin Is in a Raging Bull Market’
The CEO and CIO of Bitwise Asset Management discussed bitcoin outlook and the upcoming halving event this week. Bitwise launched a spot bitcoin exchange-traded fund (ETF) in early January after the U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin ETFs.
In an excerpt from his weekly memo to investment professionals, Bitwise CIO Matt Hougan noted that in the short term, “bitcoin seems likely to chop sideways on small changes in sentiment.” However, he emphasized:
“Not only is it up nearly 300% in the past 15 months but there are strong reasons to think that will continue,” he clarified.
“The January launch of spot bitcoin ETFs opened up the crypto market to investment professionals in a major way for the first time ever,” he explained. “These investors control tens of trillions of dollars — globally, the best estimate is over $100 trillion — and they are just starting to move into crypto. This is a process that will take years, not months.”
He opined: “Imagine global wealth managers allocate just 1% of their portfolios to bitcoin on average … a 2.5% allocation to bitcoin has enhanced a traditional 60/40 portfolio’s risk-adjusted returns in every three-year period in bitcoin’s history.” Hougan continued:
Hunter Horsley, cofounder and CEO of Bitwise Asset Management, explained on social media platform X this week why he believes the upcoming bitcoin halving will be the most impactful one so far.
“The April 2024 Bitcoin halving may be the most impactful we’ve seen,” he wrote. “Why? The last Bitcoin halving, 2020, bitcoin was at ~$9,000. So the supply reduction in $ terms was ~$9M a day, and ~$3B a year.” The executive noted:
Source: https://news.bitcoin.com/bitwise-sees-raging-bitcoin-bull-market-expects-april-halving-to-be-the-most-impactful-weve-seen/
Bitwise Asset Management believes that “bitcoin is in a raging bull market” in the long term. Its chief executive anticipates the upcoming bitcoin halving to be “the most impactful we’ve seen.” The firm’s chief investment officer explained that global wealth managers allocating just 1% of their portfolios to bitcoin would mean about $1 trillion of inflows into the space.
‘We Believe Bitcoin Is in a Raging Bull Market’
The CEO and CIO of Bitwise Asset Management discussed bitcoin outlook and the upcoming halving event this week. Bitwise launched a spot bitcoin exchange-traded fund (ETF) in early January after the U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin ETFs.
In an excerpt from his weekly memo to investment professionals, Bitwise CIO Matt Hougan noted that in the short term, “bitcoin seems likely to chop sideways on small changes in sentiment.” However, he emphasized:
Quote
Long-term, we believe bitcoin is in a raging bull market.
“Not only is it up nearly 300% in the past 15 months but there are strong reasons to think that will continue,” he clarified.
“The January launch of spot bitcoin ETFs opened up the crypto market to investment professionals in a major way for the first time ever,” he explained. “These investors control tens of trillions of dollars — globally, the best estimate is over $100 trillion — and they are just starting to move into crypto. This is a process that will take years, not months.”
He opined: “Imagine global wealth managers allocate just 1% of their portfolios to bitcoin on average … a 2.5% allocation to bitcoin has enhanced a traditional 60/40 portfolio’s risk-adjusted returns in every three-year period in bitcoin’s history.” Hougan continued:
Quote
A 1% allocation across the board would mean ~$1 trillion of inflows into the space.
Hunter Horsley, cofounder and CEO of Bitwise Asset Management, explained on social media platform X this week why he believes the upcoming bitcoin halving will be the most impactful one so far.
“The April 2024 Bitcoin halving may be the most impactful we’ve seen,” he wrote. “Why? The last Bitcoin halving, 2020, bitcoin was at ~$9,000. So the supply reduction in $ terms was ~$9M a day, and ~$3B a year.” The executive noted:
Quote
This halving with bitcoin ~$70,000, it will be >3x greater in $ terms: ~$32M a day and ~$11B a year. A much larger reduction of natural selling, at the same time as we are seeing rising demand.
Source: https://news.bitcoin.com/bitwise-sees-raging-bitcoin-bull-market-expects-april-halving-to-be-the-most-impactful-weve-seen/
Jump to: