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Seeking Alpha 2021-07-16 17:19:17

Bitcoin fever hasn't broken despite 'brief period of uncertainty' - Bitwise CIO

Bitcoin fever hasn't broken despite 'brief period of uncertainty' - Bitwise CIO

peterschreiber.media/iStock via Getty Images Matt Hougan, chief investment officer of Bitwise Asset Management, said Friday that the "fever hasn't broken at all" for Bitcoin (BTC-USD), at least among the financial-adviser market served by the company. Speaking to CNBC, Hougan reported that inflows remain strong for his company from a client base focused on a two- to five-year horizon. The Bitwise CIO characterized the current market as a "brief period of uncertainty" caused by a migration of Bitcoin mining out of China and a sense that further regulation is on the horizon. However, Hougan contended that moving mining operations out of China and a more stable, transparent regulatory structure could provide long-term positives for the cryptocurrency. "I think this is a pause that refreshes," he said. While he acknowledged the presence of near-term volatility sparked by crypto trading, he highlighted Bitcoin's long-term performance as an asset class. "As you extend your

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