• The Informer Post
  • Posts
  • Bitwise CIO Matt Hougan Says Ethereum Cycle Incoming, Outlines Two Massive Tailwinds for ETH

Bitwise CIO Matt Hougan Says Ethereum Cycle Incoming, Outlines Two Massive Tailwinds for ETH

July 06, 2024

The chief investment officer (CIO) of Bitwise Asset Management, Matt Hougan, is predicting 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 (ETF) could draw $15 billion within 18 months of their approval, which is expected soon.

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

He also believes two additional bullish factors for ETH could send its value soaring: a greater acceptance of crypto by the US government and Ethereum’s recent network upgrade, Dencun, which aims to reduce costs for layer-2 transactions and data availability.

“I think that these numbers overlook the fact that we’re entering what is usually the ETH cycle. They also overlook two huge tailwinds that I see for ETH, which is it had a lot of regulatory uncertainty, and over the last two months, a lot of that has gone away.

Not only did we get movement forward on ETFs, but we also saw Washington generally change its tune on crypto. That’s a massive tailwind for ETH. And then you have the aftereffects of the Dencun upgrade, which I don’t think the market has fully recognized what that will mean for this market.”

Ethereum is trading for $2,974 at time of writing, down 3.6% in the last 24 hours.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3