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Bitwise CIO Matt Hougan expects the crypto market to grow five to ten times over the next few years. The next market cycle could be facilitated by the merger of Ethereum.
Matt Hougan, CIO of Bitwise Asset Management, said Ethereum (ETH) is moving from Proof of Work (PoW) to Proof of Stake (Pos) networks, and the announcement of the “Merge” date is “News” probably cryptocurrency. A signal that marks the beginning of the bottom.
Fugan, interview Together with Bloomberg on Friday, we believe the long-awaited Marge will put Ethereum at the pinnacle of unprecedented recruitment by institutional investors.
Last week, Ethereum developer Tim Beiko announced the long-awaited merge update in mid-September. Due to the reaction of the crypto market, the price of ETH has risen by more than 40% from about $ 1,200 to over $ 1,640. Ethereum fell below $ 1,000 earlier this month.
Hougan states that the bottoming process may be underway as a result of the announcement. This probably marks a turning point that will ultimately signal the next crypto boom.
“”Before moving on to the next big move, we can look back at the announcement of the merge, or the date of the merge, as a single moment that changed us from the winter of some cryptocurrencies to at least a sideways move... “
As for Ethereum, Hogan says the network is ready for maximum development since the 2020 decentralized finance (DeFi) explosion. Ethereum hasn’t seen as much institutional hype as Bitcoin, but Bitwise executives say cryptocurrencies are an even more attractive asset for institutional investors.
“”It will turn Ethereum into an asset that institutional investors will find more and more attractive and will probably be forced to own … Institutional investors were primarily Bitcoin, but the future of cryptocurrency is Bitcoin, Ethereum, and I’ll be discussing a wide range of assets.. “
DeFi, non-fungible tokens (NFTs) and stablecoins were all huge in the last bull market. Prior to that, it was an Ethereum-based initial coin offering in 2017, and before that it was Bitcoin’s innovative non-sovereign currency system in the early 2010s.
The future of cryptography has the potential for “five or six other killer products” to emerge in the coming years. If this happens, the market can grow 5 to 10 times as recruitment increases. Fugan explained when he thought this would happen.
“”I think it will be the moment when crypto becomes mainstream and your friends, uncles, and your cousins all interact with the crypto market through games, digital IDs, music and NFT ticketing, DeFi, and stablecoin for payments.“He said.
He argued that this kind of growth could be “one or two years off.”
At the Ethereum Community Conference (EthCC) in Paris earlier this week, co-founder Vitalik Buterin talked about the “long and complex” journey to PoS.
He said Marge is only part of a roadmap that could end in Ethereum.A more powerful and robust system in so many ways.. But still, in a crucial merge, Ethereum is only “55% complete.”
