Bitcoin’s recent all-time high is just the beginning of a long-term uptrend, according to Matt Hougan, Investment Director at Bitwise Asset Management.
“This is not the peak—this is the kickoff,” Hougan said, pointing to institutional interest and macroeconomic pressures as key drivers.
Over the last 30 days, more than $8 billion has flowed into Bitcoin ETFs. Hougan explained this influx creates strong demand against Bitcoin’s limited supply, pushing prices higher.
Fiat Fears Boost Bitcoin’s Appeal
Hougan noted that U.S. fiscal decisions are also reshaping investor behavior. Massive budget deficits and continued money printing have weakened confidence in fiat currencies.
“These policies are turning investors away from the dollar and toward Bitcoin,” he said. “The U.S. is no longer serious about budget cuts. That erodes trust in long-term dollar value.”
He also referenced the rising yields on long-term U.S. bonds and changing global markets like Japan as signs of a shift away from debt-driven investing.
Why Altcoins Aren’t Keeping Up
Bitcoin’s standout performance hasn’t been matched by altcoins—and Hougan says that’s expected.
“Bitcoin plays the role of digital gold,” he explained. “Ethereum, Solana, and other tokens are more like tech stocks. They follow a different rhythm.”
While altcoins might lag during Bitcoin-led rallies, Hougan believes they still offer long-term value—but in a very different context.
Kosta Gushterov
Reporter at Coindoo
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Source: https://coindoo.com/bitcoin-bull-run-just-starting-says-bitwises-matt-hougan/