Ethereum
Bitwise CIO Matt Hougan Announces Start of Ethereum Cycle, Highlights Two Massive Tailwinds for ETH
Bitwise Asset Management Chief Investment Officer (CIO) Matt Hougan predicts a massive bull cycle for Ethereum (ETH) depending on several factors.
In a new interview with Scott Melker, Hougan said Ethereum exchange-traded funds (ETFs) could attract $15 billion within 18 months of approval, which is expected Soon.
“So I think that’s a mid-range forecast. We could be higher, we could be a little lower, but I think $15 billion is in the bag.”
He also believes that two additional bullish factors for ETH could push its value higher: greater acceptance of crypto by the U.S. government and Ethereum’s recent network upgrade, Dencun, which aims to reduce Layer 2 transaction costs and data availability.
“I think these numbers ignore the fact that we are entering what is typically the ETH cycle. They also ignore two huge tailwinds that I see for ETH, which is that there was a lot of regulatory uncertainty, and over the last couple of months, a lot of that uncertainty has gone away.
Not only have we seen progress on ETFs, but we’ve also seen Washington change its mind on cryptocurrencies. That’s a huge tailwind for ETH. And then there’s the aftermath of the Dencun upgrade, which I don’t think the market has fully recognized what that means for this market.
At the time of writing, Ethereum is trading at $2,974, down 3.6% in the last 24 hours.
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