Bitwise CIO: The market is "not optimistic enough," and investors need to rethink the potential upside of mainstream cryptocurrencies in the near term

ChainCatcher news, Bitwise Chief Information Officer Matt Hougan believes that the market is "not optimistic enough" about Bitcoin, and after the Bitcoin 2024 conference, investors need to rethink the potential upside of this mainstream cryptocurrency.

Hougan thinks that political support may be due to the increasing popularity of cryptocurrencies among Americans. The industry's strong lobbying influence in Washington has prompted many politicians to publicly support Bitcoin, even if their support is more about attracting its growing visibility rather than a genuine belief in its value.

This shift in perspective and the growing popularity of Bitcoin have led Hougan to "rethink what is possible." Hougan points out that ideas once considered far-fetched are becoming increasingly plausible: G20 countries adding Bitcoin to their balance sheets to get ahead of the U.S., comprehensive crypto legislation passing swiftly due to bipartisan support, and Wall Street's large-scale acceptance of crypto.