Bitwise CIO is Reconsidering Bitcoin’s Potential Amid US Politicians’ Pledges
Matt Hougan, the chief investment officer of Bitwise, has said the recent commitments made by US politicians have made him reconsider his perspective on Bitcoin’s potential.
In a blog post on July 31, Hougan wrote that “we’re not bullish enough” following the recent promises by influential US politicians at the Bitcoin conference in Nashville.
Notable among these pledges was Republican candidate Donald Trump’s proposal to establish a strategic national Bitcoin reserve.
Wyoming Senator Cynthia Lummim also revealed a Bitcoin reserve bill aimed at addressing the country’s staggering $35 trillion debt crisis.
Furthermore, independent candidate Robert F. Kennedy Jr. made a commitment to mandate the US Treasury to acquire 500 Bitcoin daily until a minimum of 4 million Bitcoin is amassed.
“These ideas would have seemed like mere fantasies just a year ago. However, following recent developments, they appear increasingly plausible,” Hougan said.
He highlighted the transformation from a time when FTX faced a historic fraud collapse, Bitcoin was valued at $17,000, and skeptics were writing off the crypto realm to the current scenario where politicians openly discuss plans akin to establishing a “Bitcoin Fort Knox.”
Hougan emphasized the evolving landscape.
He pointed to the US Department of Justice’s recent collaboration with Coinbase, a move that followed a lawsuit by the US securities regulator against the platform for allegedly operating as an unregistered securities exchange.
While acknowledging that some politicians may not genuinely endorse Bitcoin but are rather capitalizing on its surging popularity, Hougan suggested that the positioning of politicians on this spectrum might be inconsequential.
“Politicians are embracing crypto
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