Bitcoin to attract $1T from institutions amid ‘raging bull market’ — Bitwise exec

Ezra Reguerra1 hour agoBitcoin to attract $1T from institutions amid ‘raging bull market’ — Bitwise execBitwise’s Matthew Hougan said the best advice he could give traders is to “keep calm and take the long view.”2282 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitwise chief investment officer Matthew Hougan said institutional investors would likely inject as much as $1 trillion into Bitcoin (BTC) through exchange-traded funds (ETFs) as they slowly move into crypto.

In a memo sent to investment professionals, Hougan addressed concerns over Bitcoin’s price volatility. As the asset bounces between $60,000 and $70,000, the executive said the best approach would be to “keep calm and take the long view.”Source:Bitwise

While the price seems unstable in the short term, Hougan noted many key events to look forward to in the coming months and years.

These include the Bitcoin halving and the spot Bitcoin ETFs getting approved on national account platforms like Morgan Stanley or Wells Fargo.

Furthermore, the executive highlighted that the space has to wait for investment committees and consultants still conducting their formal due diligence on Bitcoin. This is a necessary step they have to take before investing in the asset.

Related: Bitcoin Halving: Latest News and Full Coverage by Cointelegraph

Hougan said that while the space waits for these key events, the BTC price would likely “chop sideways” whenever there are small changes in sentiment; however, the investment officer believes things would be different long-term. Hougan wrote:“But long-term, we believe Bitcoin is in a raging bull market. Not only is it up nearly 300% in the past 15 months, but there are strong reasons to think that will continue.”

According to Hougan, the spot Bitcoin ETF approvals in January opened crypto to investment professionals in a major way.

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He also believes that investment professionals who control trillions of dollars are just starting to move into crypto. Hougan highlighted that onboarding more professional investors would “take years, not months.”

The executive also said that the $12 billion flowing into ETFs since their launch is exciting and is “the most successful ETF launch of all time.” However, he believes that once global wealth managers begin to allocate 1% of their portfolio into Bitcoin, this would mean $1 trillion in inflows into the space.

“A 1% allocation across the board would mean ~$1 trillion of inflows into the space. Against this, $12 billion is barely a down payment,” he added.

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