In the aftermath of the Bitcoin 2024 conference held in Nashville, Tennessee, Bitwise’s chief investment officer Matt Hougan shared a significant revelation: “We’re not bullish enough.” Hougan’s July 31 post highlighted how recent promises from influential U.S. politicians have reshaped his perspective on Bitcoin’s potential.
At the conference, several notable politicians made bold commitments to Bitcoin. Republican candidate and former President Donald Trump unveiled a strategic plan to build a national Bitcoin stockpile. Meanwhile, Wyoming Senator Cynthia Lummis announced a Bitcoin reserve bill aimed at addressing the country’s staggering $35 trillion debt crisis. Adding to the momentum, independent presidential candidate Robert F. Kennedy Jr. pledged to have the U.S. Treasury purchase 500 Bitcoin daily until a stockpile of 4 million Bitcoin is achieved.
“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,” said Hougan. Reflecting on the drastic changes, he noted, “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 further bolstered his argument by citing the recent collaboration between the U.S. Department of Justice and Coinbase. This partnership, formed only a year after the U.S. Securities and Exchange Commission sued Coinbase for allegedly operating as an unregistered securities exchange, signifies a significant shift in the government’s stance towards cryptocurrency.
While acknowledging that many politicians may not “truly love” Bitcoin and might merely be catering to its growing popularity, Hougan emphasized that their personal sentiments are less critical than their actions: “Politicians are embracing crypto because Americans are embracing crypto.”
Although Hougan refrained from making a specific price prediction, other influential figures at the conference did not hesitate. Michael Saylor, the architect behind MicroStrategy’s Bitcoin investment strategy, projected that Bitcoin could reach $13 million by 2045, with a more optimistic scenario placing it at $49 million. This aligns closely with a recent prediction from crypto asset manager VanEck, which suggests Bitcoin could hit $52 million by 2050.
Also Read: Goldman Sachs CEO Compares Bitcoin To Gold, Sees Potential As $19 Trillion Store Of Value
Despite this bullish sentiment, recent data from CoinGecko reveals a more sobering reality. Bitcoin has dropped over 8% since nearly touching $70,000 on July 29 and remains 13.4% below its all-time high of $73,737 set on March 14.
The fervor displayed by U.S. politicians at the Bitcoin 2024 conference marks a pivotal moment for Bitcoin, suggesting that the cryptocurrency’s role in the national and global economy may be more substantial than ever anticipated.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
