Strategist at $1,300,000,000 Digital Asset Fund Predicts Next Crypto Bull Market Will Be Record-Breaking

The chief investment officer of crypto fund Bitwise Asset Management, Matt Hougan, is expressing optimism about the digital asset markets over the next few years.

In a new interview on The Wolf of All Streets YouTube channel, Hougan says he is “epically bullish on the next three years.”

According to Hougan, the next bull cycle for the crypto markets will be unprecedented.

This bull market cycle, this four-year cycle, is going to be the biggest cycle yet in terms of user adoption, in terms of aggregate market cap increase, in terms of almost all of the things that we care about.

It’s not going to be perfectly up and to the right. Of course, there’ll be bumps. We can talk about regulation, and I’m actually bullish on regulation.

But you can see what’s happening and you can feel it if you’re in the developer community. The level of excitement is higher than it’s ever been in my experience in the crypto market.

And that’s why we’re up 50% this year. And that’s why I think we’ll close higher by the end of the year. And I think 2024 and 2025 are even going to be better.”

According to the Bitwise Asset Management CIO, every crypto cycle is driven by a technological breakthrough and the upcoming one will be no exception.

“Those cycles happen for a reason, which is there’s a major technological breakthrough that drives a new bull market…

The reason I’m so excited is because I know what the technological breakthrough is that’s going to drive this next bull market. And it’s bigger than NFT [non-fungible token], DeFi [decentralized finance] and stablecoins. And I would argue, bigger from a real-world application than even the first start of Bitcoin and Ethereum.

And what it is, is scalability. It’s the layer-2 epoch. If you look at crypto, people have always wondered when it was going to go mainstream. It couldn’t until I think this year.

If you think about how it tried to go mainstream in 2020, it broke, right? The cost of a transaction on Ethereum hit $200. You can’t go mainstream if it costs $200 to do a transaction.

But if you look at the pace of progress in blockchain technology, the fee to do a transaction has gone down from like $3 to $1.50. It’s maybe $0.12 now. By the end of this year after [Ethereum Improvement Proposal]-4844 on Ethereum, it’s going to be a fraction of a penny.

And the things you can do when it’s effectively free to use a blockchain are so interesting and so exciting. It allows you to get into mainstream use in such a major way that I think this is the three-year cycle where crypto actually penetrates the mainstream.”

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Source: https://dailyhodl.com/2023/02/25/strategist-at-1300000000-digital-asset-fund-predicts-next-crypto-bull-market-will-be-record-breaking/