Matt Hougan thinks Bitcoin’s (BTC) journey in the direction of turning into a mainstream asset class is a “multiyear story.”
Hougan, the chief funding officer (CIO) of Bitwise Asset Administration, says in a brand new interview with CNBC that the Bitcoin exchange-traded fund (ETF) numbers within the first half of 2024 counsel “the beginning of a brand new asset class.”
“I believe the fitting analogy to make is again to the unique gold ETF approval in 2004. And the factor I discover attention-grabbing there, which individuals overlook – is that was one of the vital profitable ETF launches of all time and pulled in $1.5 billion in 2004. However guess what? In 2005, it did greater than $3 billion, in 2006 it did greater than $4 billion, in 2007 it did greater than $5 billion.
It saved constructing yr after yr, and that’s what I don’t assume individuals understand about these Bitcoin ETFs. This was an enormous first half, however I believe the second half might be larger, and I believe subsequent yr might be larger than that.”
Hougan says that gold in 2004 was a “area of interest commodity” that was exhausting to purchase and wasn’t in quite a lot of mainstream portfolios.
The CIO additionally notes that Bitcoin ETF flows have been regular no matter whether or not BTC’s worth has been going up or down.
BTC is buying and selling at $57,569 at time of writing.
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