Despite anxieties within the crypto community about the upcoming US election, Bitwise Chief Investment Officer Matt Hougan remains bullish on the industry’s future. He believes crypto adoption will continue its upward trajectory regardless of who wins the presidency.
“Short-term, a Trump victory is better than a Harris victory,” Hougan stated, referring to candidates Donald Trump and Kamala Harris. “Long-term, Bitcoin, Ethereum, and stablecoins will thrive regardless of who wins.”
This optimistic outlook contrasts sharply with the concerns of many crypto industry figures who fear a Harris victory would devastate digital assets. They point to the SEC’s ongoing crackdown under Gary Gensler, a Biden appointee, as evidence of a hostile Democratic stance towards crypto. Nic Carter, a founding partner at Castle Island Ventures, went so far as to declare on X (formerly Twitter), “US crypto is done if she wins.” This sentiment underscores the high stakes of the election for the crypto industry, which has invested record sums in both campaigns.
Bitcoin to $80,000?
Hougan supports his optimistic outlook with data from the past four years:
- Bitcoin’s price has surged 408%.
- Crypto trading volumes on decentralized exchanges and the Chicago Mercantile Exchange have increased over 1,000%.
- The number of stablecoins in circulation has exploded by roughly 4,400%.
“The question to ask yourself as you look at the above statistics is whether they will continue,” Hougan challenged. “From my seat, the answer is a resounding yes.”
He reiterated his 2023 prediction that Bitcoin will trade above $80,000 in 2024, contingent on three conditions: no Democratic sweep of the House, Senate, and Presidency; two more Federal Reserve interest rate cuts by year-end; and no major black swan events impacting the industry.
A Democratic sweep, Hougan argues, would empower the anti-crypto faction within the Democratic party. However, even in this scenario, his advice remains consistent: “Buy the dip.”
