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 recommend “the beginning of a brand new asset class.”
“I feel the correct analogy to make is again to the unique gold ETF approval in 2004. And the factor I discover attention-grabbing there, which individuals neglect – is that was probably the most 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 stored 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 feel the second half may very well be greater, and I feel subsequent yr may very well be greater than that.”
Hougan says that gold in 2004 was a “area of interest commodity” that was exhausting to purchase and wasn’t in a number of mainstream portfolios.
The CIO additionally notes that Bitcoin ETF flows have been regular no matter whether or not BTC’s value has been going up or down.
BTC is buying and selling at $57,569 at time of writing.
Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox
Test Value Motion
Observe us on X, Fb and Telegram
Surf The Every day Hodl Combine
 
Disclaimer: Opinions expressed at The Every day Hodl are usually not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal danger, and any losses chances are you’ll incur are your accountability. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please word that The Every day Hodl participates in affiliate internet marketing.
Generated Picture: Midjourney
