Any recovery in the crypto market is likely to take longer than traders expect because Wall Street investors and advisory firms are now focusing on real-world applications such as tokenization and artificial intelligence rather than direct digital assets, according to Matt Hougan, the chief investment officer of asset-management firm Bitwise.
“We’ve lost investor attention to other hot trends,” most notably, for now, AI, Hougan said in an email interview. “I think the upcoming bull market will be slower and less volatile [than] in the past.”
Still, firms that advise high-net-worth individuals and institutional capital, known in the U.S. as registered investment advisors (RIAs), remain heavily engaged in bitcoin the largest cryptocurrency by market cap and crypto in general.
“Interest is as high as it’s ever been,” said Hougan, himself a longtime bitcoin bull. “I think it’s a very bullish long-term signal. … I think it’s going north of $1 million for the next 10 years. I’m less sure how, when or if it’s bottomed out. I think we’ll have to wait and see how the four-year cycle plays out.”
