Bitwise’s chief executive officer, Hunter Horsley, spoke about the brutal dips taken by Bitcoin, which was ultimately mirrored by Ethereum [ETH], XRP, Tron [TRX] other cryptocurrencies, in an interview on Bloomberg.
He spoke about the importance of cryptocurrencies in the upcoming years and the entry of institutions, backed by the government, and how it could help improve and trigger the next bull run.
Horsley directed towards his firm [Bitwise] and said that investors, be it individuals or institutions, are investing in cryptocurrencies even though the market is undergoing a crash and that the people redeeming their investments are negligible as compared to the investors that are pouring in, to invest.
Furthermore, he said that the institutions or investors’ doubts or explanations about the current scenario/state of the market can be explained by the company or the custodian.
“… it simplifies exposure, it’s you know, it’s much the same reason that the investors like investing in oil through ETFs or gold through ETFs, it takes away a lot of that complexity. what do you think? Obviously, this is a very competitive space, despite the continued slide, what do you think you’re offering that’s different from everyone else?”
Moreover, Horsely continued by stating that although the bear market has been brutal, more investors and enthusiasts are entering the space as they are getting acclimated with the underlying technology that cryptocurrencies bring to the table.
As a reason, he said that the cryptocurrency ecosystem has never felt more “positively positioned” than ever. He continued:
“So the beginning of next year, we’ll see Fidelity launch custody. The NYSE’s sister Bakkt will be launching futures and custody, CME is has launched features this year. CBOE and a number of others. So, I think they’re more participants than we’ve ever seen before and a lot of reason to be optimistic.”
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