“The folks saying this [crypto] winter is worse than 2018 or 2022 don’t remember 2018 or 2022,” said Bitwise Chief Investment Officer Matt Hougan on Tuesday.
In 2018, “we had $3,000 Bitcoin and a ‘global computer’ [Ethereum] with no applications and limited throughput,” he said before adding, “In 2022, we had a total market collapse and a regulator that wanted to put us out of business.”
Things are a little different today as we have “stablecoins going to $3 trillion, tokenization going to $200 trillion, a positive regulatory climate, and better tokenomics,” he said.
Additionally, BlackRock and Apollo are building on DeFi, there is a “massively built out infrastructure,” ETFs, and “rising concerns about fiat currency.”
“So, yep, I’m optimistic. It doesn’t mean smooth sailing, but I’m excited for the ride.”
Previous Bear Markets Were Apocalyptic
The current bear market has seen total capitalization decline 49% from its peak of just below $4.4 tr
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