Bitwise CIO Matt Hougan is predicting a bullish forecast for crypto assets after US President Joe Biden signed an executive order that calls for the examination of the potential risks and benefits of blockchain technology.
In a new interview on CNBC Crypto World, Hougan says that the executive order marks the beginning of a new bull market phase in the crypto market.
“The crypto market needs better and clearer regulation if it’s going to go truly mainstream… What we got here was sort of a shotgun to start telling all regulators to push that forward in a way that protects investors but doesn’t throw the baby out with the bathwater, that keeps the economic development here in the US. I think it’s pretty close to the outcome we are all hoping for.”
Hougan believes that the order could facilitate a longer rally for digital assets as it addresses the lack of regulatory clarity that limits investments in the crypto space.
“We haven’t gone from zero to 100 on regulatory clarity with this executive order, but what we have done is go from zero to one. We’ve taken the first step to establish a true regulatory regime for crypto.
If you believe in the underlying technology, if you believe it’s as disruptive as all crypto investors do, you want to see the regulatory safeguards exist that allow that technology to express itself, that allows it to affect not just a little part of society but all of what we do every day, of how finance works, of how the web works.
I do think this is a signal moment and I do think it sets the stage for a bull market that could last at least through this year and potentially beyond.”
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