Bitwise Chief Investment Officer Matthew Hougan said the current market conditions are a prime buying opportunity for investors interested in Bitcoin, according to an Aug. 5 investor note.
Hougan pointed out that Bitcoin had historically ended the year higher following global economic stress and drew parallels to the 2020 COVID-19 crisis when BTC, like other assets, saw a sharp decline but eventually surged over 1,000% within a year.
Hougan noted that increased central bank interventions and the growing adoption of digital assets fueled this dramatic rise.
The investment chief suggested a similar scenario could unfold now because “Bitcoin [is] becoming more important, not less.”
He wrote:
“Nothing fundamental [has] changed about bitcoin. If anything, what’s happening now is straight out of the Covid playbook.”
Why Bitcoin will rise
Considering the above, Hougan anticipates a similar rebound this time. He expects the Federal Reserve to respond to economic unrest with increased
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