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Matt Hogan, chief investment officer of Bitwise Investments’ cryptocurrency fund, has expressed bullish market sentiment.
In a letter to investors, Hogan said the cryptocurrency market was “in a stage of recovery,” paving the way for a record-breaking bull cycle.
“But I do believe that cryptocurrencies will eventually recover. Historically, cryptocurrencies have bounced back from every major decline.
In fact, we believe the next bull market for cryptocurrencies will be the biggest yet, with a wave of new applications hitting all-time highs and impacting mainstream adoption. ”
According to Hogan, some of the reasons for the bullishness include the growth and innovation seen in the crypto industry.
“Technical blockchain improvements like the Ethereum merge, scaling advances like the rise of Layer 2 solutions, and a simmering stew of emerging new applications are making us bullish.”
However, the Bitwise CIO says the cryptocurrency market will see a U-shaped or long-term recovery rather than a rapid or V-shaped recovery.
“I think the market will level off for some time before entering the next bull run. Even a significant risk of another leg down, catalyzed by another crypto company failure, token explosion, or regulatory action. I have.”
According to Hogan, recovery is not a walk in the park.
“However, the recovery will not be easy. Relationships are fraying and investors are skeptical.
In addition, new risks are looming, including the release of 127,000 bitcoins from the Mt Gox Settlement scheduled for later this year and the woes in the bitcoin mining space. ”
According to a report a few months ago, Bitwise has $1.3 billion in assets under management.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.
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