Bitwise CIO Matt Hougan Expresses Confidence in Bitcoin's Long-Term Potential

Bitwise CIO Matt Hougan has expressed confidence in Bitcoin's long-term potential, highlighting that the world's leading cryptocurrency by market capitalization has returned a 24.3% gain

"These returns suggest that traders who held #Bitcoin since Election Day have seen greater profits than those who invested in gold or other traditional assets.

Returns since Election Day:* BTC: 24.3%* Gold: 13.9%* SPY: -2.9%* QQQ: -5.1%It's frustrating to watch bitcoin chop sideways on macro uncertainty. But it is worth zooming out occasionally to remember we're making progress.

In his post, Hougan attributed bitcoin’s short-term downtrends to unstable market conditions, driven by inflation worries and interest rate policies, which continue to affect the global economy. Despite the uncertainty, bitcoin’s strong post-election performance has helped investors maintain optimism as the market prepares for a potential recovery.

"Watching Bitcoin chop sideways during macro uncertainty is frustrating," said Hougan, expressing his irritation over bitcoin’s short-term volatility.

"But it's worth zooming out occasionally to remember we're making progress," he added, highlighting his positive outlook on bitcoin’s performance over the long term.

Bitcoin’s performance outperforming gold post-election contradicts the narrative that bitcoin and gold serve the same investment purpose. As the world’s leading cryptocurrency, bitcoin has been a subject of interest for investors seeking alternative assets during times of economic instability.

With S&P 500 (NYSE:SPY) and NASDAQ (NDAQ:QQQ) showing a decline of 2.9% and 5.1%, respectively, bitcoin’s performance stands out, especially considering the broader market downturn. As the U.S. prepares for the 2024 presidential elections, which could bring further macroeconomic shifts, investors will be closely watching how these developments unfold in the coming months.output: With S&P 500 (NYSE:SPY) and NASDAQ (NDAQ:QQQ) showing a decline of 2.9% and 5.1%, respectively, bitcoin’s performance stands out, especially considering the broader market downturn. As the U.S. prepares for the 2024 presidential elections, which could bring further macroeconomic shifts, investors will be closely watching how these developments unfold in the coming months.