Matt Hougan, chief investment officer at crypto-focused investment firm Bitwise Asset Management, is predicting a big rally following President Joe Biden’s Executive Order on “Ensuring Responsible Development of Digital Assets”, which was signed on March 9.
Here were the main objectives of this executive order:
- “We must protect consumers, investors, and businesses in the United States.“
- “We must protect United States and global financial stability and mitigate systemic risk.“
- “We must mitigate the illicit finance and national security risks posed by misuse of digital assets.“
- “We must reinforce United States leadership in the global financial system and in technological and economic competitiveness, including through the responsible development of payment innovations and digital assets.“
- “We must promote access to safe and affordable financial services. Many Americans are underbanked and the costs of cross-border money transfers and payments are high.“
- “We must support technological advances that promote responsible development and use of digital assets.“
Speaking in an interview with CNBC’s Crypto World, Hougan said the executive order would likely mark a rally for Bitcoin and the rest of the crypto market. Hougan claimed the order was a step in the right direction for bringing regulatory clarity to the crypto industry and making the technology “truly mainstream.”
As reported by The Daily Hodl, Hougan said:
“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... 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.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.