Republican

bullish

United

After hearing several influential United States politicians embrace Bitcoin at the recent Bitcoin 2024&nbsp; conference in Nashville, Tennessee, Bitwise’s chief investment officer Matt Hougan says he left with one big takeaway: “We’re not bullish enough.”
In a July 31 post, Hougan <a href="https://experts.bitwiseinvestments.com/cio-memos/the-big-takeaway-from-the-2024-bitcoin-conference" target="_blank" rel="noopener nofollow">said</a> several recent promises made by these US politicians have prompted him to “rethink what’s possible” with Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>).
Among those promises were Republican Party candidate and former President Donald Trump’s plan to build a strategic <a href="https://cointelegraph.com/news/silk-road-bitcoin-moves-two-days-trump-bitcoin-promise">national Bitcoin stockpile</a>, Wyoming Senator Cynthia Lummis’ announcement of a <a href="https://cointelegraph.com/news/sen-lummis-introduces-bitcoin-strategic-reserve-bill-senate?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound">Bitcoin reserve bill</a> to clean up the country’s <a href="https://cointelegraph.com/news/us-national-debt-passes-35t-5-things-bitcoin-this-week">$35 trillion debt crisis</a> and independent presidential candidate Robert F. Kennedy Jr.’s promise to make the US Treasury buy 500 Bitcoin per day until at least 4 million Bitcoin is reached.
“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:&nbsp;
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/6547f875-412e-42eb-84b1-212b543889a8.png" alt="Bitwise exec says, ‘We’re not bullish enough,’ amid political sway to crypto" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/Matt_Hougan/status/1818266530720919843" target="_blank" rel="noopener nofollow">Matt Hougan</a>
 </figcaption>
</figure>
Hougan furthered his case by highlighting the US Department of Justice’s <a href="https://cointelegraph.com/news/coinbase-custody-crypto-us-marshals">recent partnership with Coinbase</a> 12 months after the US Securities and Exchange Commission sued the firm claiming it was operating as an <a href="https://cointelegraph.com/news/sec-sues-coinbase-crypto-exchange">unregistered securities exchange</a>.
Hougan noted many politicians may not “truly love” Bitcoin and are simply “genuflecting” to its rising popularity — but where they lie on that spectrum may not even matter:
<blockquote data-ct-non-breakable="true">
 “Politicians are embracing crypto because Americans are embracing crypto.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/jack-dorsey-predicts-bitcoin-price-worth-one-million-2030">Jack Dorsey says Bitcoin will be worth ‘at least a million’ by 2030</a>
While Hougan didn’t provide a price prediction, Michael Saylor — the mastermind behind MicroStrategy’s Bitcoin investment strategy — estimated <a href="https://cointelegraph.com/news/michael-saylor-ups-bitcoin-price-forecast-13-million-mega-bullish-keynote-bitcoin-2024">Bitcoin would reach $13 million</a> before 2045 at the Bitcoin 2024 conference.
His “bull case” price prediction was even higher at $49 million — close to a recent <a href="https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-bitcoin-2050-valuation-scenarios-global-medium-of-exchange-and-reserve-asset/#bitcoin-2050-price-scenarios" target="_blank" rel="noopener nofollow">prediction</a> by crypto asset manager VanEck that Bitcoin could reach $52 million by 2050.
Despite the bullishness, CoinGecko data <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener nofollow">shows</a> that Bitcoin is down over 8% since it nearly touched $70,000 on July 29 and is still 13.4% off the $73,737 all-time high it set on March 14.
Magazine: <a href="https://cointelegraph.com/magazine/wolf-of-all-streets-world-bitcoin-hits-1m-1-million-hall-of-flame/">Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame</a>

Bitwise exec says, ‘We’re not bullish enough,’ amid political sway to crypto

Cointelegraph

Other articles published on Aug 1, 2024

Ethereum Tested This Level Seven Times! Will ETH Start Its Rally Now?

Icebreaker Secures $5M Seed Funding to Build Blockchain Alternative to LinkedIn

Whale Alert Spots Massive XRP Transfer Amid Token Price Drop

Crypto Community Engages in Nigeria’s Governance Protests

How to Convert BNB to TRX

Bitcoin Cash Falls More Than 8% In 24 hours

Join our free newsletter for daily crypto updates!