Any recovery in the cryptocurrency market will likely 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 pure digital assets, according to Matt Hougan, chief investment officer at asset management company Bitwise.
“We have lost investor attention to other hot trends,” most notably, for now, AI, Hougan said in an email interview. “I think the next 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 deeply committed to bitcoin. the largest cryptocurrency by market cap and crypto in general.
“Interest is higher than ever,” said Hougan, who is also a long-time bitcoin bull. “I think it’s a very bullish long-term sign… I think it will approach $1 million in the next 10 years. I’m less certain about how, when or if it has bottomed. I think we have to wait to see how the four-year cycle plays out.”
