Bitwise CIO Matt Hougan Says Next Year Could Be Even Bigger for Bitcoin ETFs – Here’s Why

Matt Hougan thinks Bitcoin’s (BTC) journey towards becoming a mainstream asset class is a “multiyear story.”

Hougan, the chief investment officer (CIO) of Bitwise Asset Management, says in a new interview with CNBC that the Bitcoin exchange-traded fund (ETF) numbers in the first half of 2024 suggest “the birth of a new asset class.”

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“I think the right analogy to make is back to the original gold ETF approval in 2004. And the thing I find interesting there, which people forget – is that was one of the most successful ETF launches of all time and pulled in $1.5 billion in 2004. But guess what? In 2005, it did more than $3 billion, in 2006 it did more than $4 billion, in 2007 it did more than $5 billion.

It kept building year after year, and that’s what I don’t think people realize about these Bitcoin ETFs. This was a huge first half, but I think the second half could be bigger, and I think next year could be bigger than that.”

Hougan says that gold in 2004 was a “niche commodity” that was hard to buy and wasn’t in a lot of mainstream portfolios.

The CIO also notes that Bitcoin ETF flows have been steady regardless of whether BTC’s price has been going up or down.

BTC is trading at $57,569 at time of writing.

 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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