Bitwise CIO: This decline is just a minor episode before Bitcoin reaches $10-50 trillion
ChainCatcher news, according to DL News, although Bitcoin has recently taken a hit, Bitwise Chief Investment Officer Matt Hougan stated that this drop is just a minor episode before Bitcoin's valuation skyrockets to between $1 trillion and $5 trillion.In a report on Monday, Hougan wrote: "If it weren't so volatile, it would be a footnote in history, fluctuating only below $150,000, supported only by a small group of libertarians, crypto-punks, and speculators."In short: "Bitcoin is either going to be significant globally or it will be worthless." As Hougan made this prediction, Bitcoin, other cryptocurrencies, and the broader world markets are being impacted by multiple factors including Donald Trump's escalating trade war, disappointing earnings, scandals, hacking attacks, and the threat of a recession in the U.S.Traders' reactions were muted, seemingly disappointed that Trump did not announce large-scale purchases of Bitcoin. The Bitcoin and cryptocurrency markets continued to decline over the weekend. But for Hougan, this reaction misses the point. To him, "strategic reserves are a significant step forward, and the market's disappointment is absurd."He pointed out that the executive order explicitly states that the U.S. Secretary of the Treasury and the Secretary of Commerce "should develop strategies" for reserve purchases of Bitcoin. Hougan wrote: "Note that the order uses 'should,' not 'may' or 'might'; the wording in the official statement is carefully chosen."