Bitcoin Bull Run Just Starting, Says Bitwise’s Matt Hougan

Bitcoin's recent all-time high is just the beginning of a long-term uptrend

Bitwise Asset Management's Investment Director, Matt Hougan, remains bullish on Bitcoin despite its recent all-time high, suggesting it's just the beginning of a broader market uptrend.

"This is not the peak—this is the kickoff," Hougan stated optimistically. He attributes this optimism to several key factors, including the persistent interest from institutions and the unfolding macroeconomic pressures.

Highlighting the recent activity in Bitcoin ETFs, Hougan pointed out that over the last 30 days alone, more than $8 billion has flowed into these products. This massive influx of capital creates a very strong demand for Bitcoin, an asset known for its limited supply.

"The simplest way to put it is that when you combine huge demand with no supply, prices go up—especially for an asset like Bitcoin, which is fundamentally tied to the concept of scarcity," Hougan explained.

Moreover, he noted that U.S. fiscal decisions are also pushing investors towards Bitcoin. With massive budget deficits and the continuation of money printing, confidence in fiat currencies is diminishing.

"These policies are turning investors away from the dollar and toward Bitcoin," he asserted. "The U.S. is no longer serious about budget cuts. That erodes trust in long-term dollar value."

Finally, Hougan touched upon the rising yields on long-term U.S. bonds and the changes in global markets like Japan as indicators of a shift away from debt-driven investing, a factor that could further fuel Bitcoin's ascent.