Bitwise predicted growth of the crypto market by the end of 2022

According to Matt Hougan, this will be facilitated by Joe Biden’s signing of the executive order on the regulation of digital assets

21.03.2022 - 09:30

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What’s new? Matt Hougan, the chief investment officer of Bitwise Asset Management, believes that the cryptocurrency market is entering a bullish phase that could last until the end of this year. He said this in a CNBC broadcast on the impact of Joe Biden’s executive order on the digital asset industry.

The full version of the interview

What are the main triggers for the rise of cryptocurrencies? One of the triggers for a new “rally,” according to Hougan, will be the implementation of the full-fledged regulation of digital assets. Joe Biden’s executive order outlines an approach to address the risks and potential benefits of digital assets and their underlying technologies.

Matt Hougan believes that the signing of the executive order is a step in the right direction to bring clarity to the regulation of the crypto industry and make the technology “truly mainstream.”

“I do think this is a signal moment and I do think it sets the stage for a bull market that could last at least through this year and potentially beyond,” CIO Bitwise stressed.

What is known about the executive order? On March 9, the White House released a government-wide strategy for regulating the sphere of cryptocurrencies. The executive order sets national policy on digital assets in six key areas: consumer and investor protection, financial stability, illegal use of cryptocurrencies, US leadership in the global financial system and economic competitiveness, financial inclusion, and responsible innovation. The document also directs the Ministry of Justice, Treasury, and others to study the legal and economic implications of the launch of a central bank digital currency (CBDC).

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