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