Bitcoin’s (BTC), according to the CIO at Bitwise, is in the next stage of its evolution.
Matt Hougan, in a recent Crypto Prime interview pointed out that there are key differences between the bull run of Bitcoin today and what we will see by 2020.
Hougan believes that major institutions are driving the current cycle of the market, laying the foundation for Bitcoin to evolve into a trustworthy store of value.
The Bitcoin today is a completely different coin than it was five years ago. The Bitcoin of five years ago was driven by crypto-native and retail investors. It is becoming increasingly evident that institutions, corporations and governments, as well as macro hedge funds, are driving the Bitcoin market.
You’re seeing it act differently. It’s acting more like an asset hedge. It’s growing up before our very eyes. Bitcoin is a teenager. Bitcoin is 15 years old. The asset is in transition from being a risky asset to becoming a hedged asset. This is the way I see things going. You’ll see more of that in the future.
As it grows, more investors will be attracted to it as it is a very useful macro tool.”
Bitcoin currently trades for $94,703 at the time of this writing.
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