‘Crypto Has Already Won’, Regardless Of Trump Or Harris Win: Bitwise CIO
05 Novembro 2024 - 5:30PM
NEWSBTC
Matt Hougan, Chief Investment Officer of Bitwise Asset Management,
declared in an investor note today that the crypto industry has
secured its place in the financial world, irrespective of the
outcome of today’s US presidential election between President
Donald Trump and Senator Kamala Harris. In his note titled “Crypto
Has Already Won,” Hougan stated, “There is nothing left to say
about Tuesday’s election.” He provided a succinct assessment for
investors: “Short-term, a Trump victory is better than a Harris
victory. Long-term, Bitcoin, Ethereum, and stablecoins will thrive
regardless of who wins. Altcoins have more regulatory risk in a
Harris regime than a Trump regime.” Hougan cautioned that the only
unfavorable scenario for crypto would be a Democratic sweep. “It
would embolden the fringe element of the Democratic Party that is
overtly hostile to crypto. But even in that scenario, I’d buy the
dip,” he wrote. Reflecting on the industry’s resilience over the
past four years, Hougan emphasized, “If there’s one thing the past
four years has taught me, it’s this: Washington can’t stop crypto.
It can alter the trajectory. It can speed things up or slow things
down. It can bring more confusion or new clarity. But it can’t stop
it.” Related Reading: Crypto Expert Discloses ‘Hidden Altcoin Gem’
With 1,900% Upside According to the Bitwise CIO, the presidential
election serves as a milestone to evaluate the crypto sector’s
growth since November 2020. Despite a combative regulatory
environment—including “Operation Choke Point 2.0,” numerous SEC
lawsuits, and a host of contradictory or ambiguous statements—the
progress made is remarkable. Hougan noted, “We focus so much in
crypto on the moment-by-moment movement of prices that we often
lose sight of the long-term trends. The presidential election
provides a nice opportunity to step back and see how far we’ve
come.” ‘Crypto Has Already Won’ He presented compelling statistics
comparing November 2020 to November 2024. Bitcoin’s price increased
from $13,677 to $69,492, a 408% rise. Ethereum went from $388 to
$2,492, marking a 552% increase. Solana experienced a meteoric rise
from $1.49 to $165.12, an increase of 10,982%. In terms of trading
volume, the CME Bitcoin Futures Open Interest in October surged
from $0.57 billion to $10.58 billion, a 1,756% increase. The
seven-day moving average of crypto daily exchange volume expanded
from $9.68 billion to $39.32 billion, a 306% increase.
Decentralized exchange volume in October soared from $12.6 billion
to $156.5 billion, reflecting an 11,142% increase. Assets under
management also saw significant growth. The Bitcoin spot ETF assets
under management, nonexistent in November 2020, reached $71.46
billion by November 2024. Stablecoin assets under management
dramatically increased from $3.87 billion to $177.83 billion, a
4,495% rise. The total value locked in decentralized finance
platforms increased from $9.57 billion to $139.3 billion, a growth
of 1,356%. Related Reading: Top Crypto Analyst Unveils Best
Altcoins For The 2025 Bull Run Network activity showed substantial
increases as well. Monthly transactions on the Bitcoin network grew
from 9.28 million to 20.48 million, a 121% increase. Monthly
transactions considering Ethereum and Layer 2 solutions saw a
massive rise from 33.3 million to 385.8 million, a 1,059% increase.
Mainstream adoption indicators also highlighted crypto’s
integration into traditional finance and politics. The number of
top 20 asset managers with tokenized funds increased from none in
2020 to three in 2024. BlackRock’s adoption of Bitcoin and
Ethereum, nonexistent in 2020, is one of the biggest stories in
2024. Because of all that, Hougan expressed strong confidence in
the continuation of these positive trends. “The question to ask
yourself as you look at the above statistics is whether they will
continue. From my seat, the answer is a resounding yes,” he
affirmed. He outlined several key expectations: spot crypto ETF
inflows will continue; stablecoins will continue to grow rapidly;
institutions will continue to ‘get off zero’ and add allocations to
Bitcoin and crypto; Wall Street will continue to embrace
tokenization and real-world assets; blockchains will continue to
get faster and cheaper; and real-world applications like Polymarket
will continue to break through and gain mainstream adoption. While
acknowledging the election’s significance, Hougan minimized its
long-term impact on Bitcoin’s and crypto’s trajectory. “Make no
mistake: What happens in Tuesday’s election matters, particularly
in the short term. But as I see it, over the long term, Tuesday
will prove to be something between a speed bump and a wind gust.
Neither is going to stop this train,” he concluded. At press time,
Bitcoin traded at $68,932. Featured image from YouTube, chart from
TradingView.com
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