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Matt Hougan, Chief Investment Officer of Bitwise, a leading developer of crypto investment products, expressed optimism about the future of Ethereum and clarified misconceptions regarding the U.S. government’s stance on cryptocurrencies.
Hougan observed that there is a balanced interest among investors between Bitcoin (BTC) and Ethereum (ETH). While those concerned about the future of the US dollar generally prefer Bitcoin, he explained that many others are excited about Ethereum due to its versatility and the projects being built on its network.
“One thing I am really sure of is that 2025 flows in Ethereum ETFs will exceed 2024 flows. And I would bet 2026 flows will exceed 2025 flows,” he predicted. He noted that while Ethereum requires more education for investors compared to Bitcoin, that learning curve is accelerating.
Hougan noted that the crypto industry is seeing regulatory approval for both Bitcoin and Ethereum ETFs in 2024, with the sector facing a relatively mild enforcement period from the SEC. “Compare that track record to what we’ve been through in 2022 or 2023. We just took a hit in those years and made some gains this year,” he added. While getting a Solana ETF approved is challenging, he described the regulatory landscape as a spectrum, suggesting gradual progress.
Discussing the political climate, Hougan argued that a potential Harris presidency might not be as unfavorable to crypto as the current Biden administration, even if it doesn’t actively support blockchain development. He suggested that upcoming legislative efforts like a stablecoin bill are likely to move forward regardless of who wins the next election. However, the approach could change significantly: A Harris administration could support big banks, while a Trump presidency could encourage entrepreneurial innovation in the sector.
Additionally, Hougan noted that a Harris win could benefit Ethereum over other smart contract platforms like Solana (SOL) or Avalanche (AVAX), as these newer blockchains may face more regulatory challenges.
*This is not investment advice.