Bitwise Chief Investment Officer Matt Hougan came out of the Bitcoin 2024 conference in Nashville, Tennessee, with a startling insight: the hope for Bitcoin’s future might still be underappreciated. Hougan expressed his opinions on July 31, considering recent pledges made by powerful American politicians that have helped him to “rethink what’s possible” for Bitcoin (BTC).

Bitwise Execs Talks About Bitcoin Adoption

Bitwise CIO Awestruck Hougan especially found great resonance in the audacious ideas presented by various influential people. Among these were the plans of Republican Party candidate and former President Donald Trump to create a national Bitcoin reserve, Wyoming Senator Cynthia Lummis’ Bitcoin reserve bill meant to help the country with its $35 trillion debt, and the dedication of independent presidential candidate Robert F. Kennedy Jr. to have the U.S. Treasury buy 500 Bitcoin daily until a 4 million Bitcoin reserve is attained.

“These concepts would have been the content of year-ago daydreams. But given what I saw last week, they seem more plausible than not, Hougan said. His point of view emphasizes a major change in the political scene whereby Bitcoin is now a major component of national financial policies rather than a side issue.

Crypto Market Collapse

Hougan’s observations follow a turbulent time for the crypto sector. Less than two years ago, the fall of FTX in a major fraud case pushed Bitcoin prices down to $17,000, with critics announcing the end of cryptocurrencies. Still, the story has veered drastically. Politicians now are debating the building of a “Bitcoin Fort Knox,” therefore indicating a dramatic shift in the way digital assets are seen and included into national policy.

Complementing this changing scene is the latest partnership between the U.S. Department of Justice and Coinbase, which comes just one year following the Securities and Exchange Commission (SEC) suing the cryptocurrency exchange for allegedly running as an unregistered securities exchange. This cooperation points to a more complex and maybe desirable way to control and include crypto technologies.

Not Real Love for Bitcoin

Hougan noted that many politicians might not actually adore Bitcoin but are rather reacting to its rising appeal among the voters. ” Politicians are embracing crypto since Americans are embracing crypto,” he said. This dynamic suggests that political agendas are being shaped in great part by public opinion and may propel additional acceptance and integration of Bitcoin into the financial system.

Hougan refrained from specifically projecting a price, but other eminent attendees at the meeting were not as restrained. With a “bull case” scenario putting Bitcoin as high as $49 million, Michael Saylor, known for his audacious Bitcoin investment approach at MicroStrategy, claimed Bitcoin might reach $13 million by 2045. These forecasts roughly match those of crypto asset manager VanEck, who lately projects Bitcoin might reach $52 million by 2050.