Bitwise
Bitwise pledges to donate 10% of Ethereum ETF
Published
5 months agoon
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adminBitwise Asset Management said it will allocate 10% of profits from its spot Ethereum ETF toward supporting Ethereum open-source development.
Bitwise, a crypto index fund manager, said in a press release on Monday it would donate some of the profits from its spot Ethereum exchange-traded fund (ETF) to Ethereum developers in a bid to support open-source development.
In the announcement, the Chicago-headquartered firm said it will send 10% of profits of the Bitwise Ethereum ETF to two organizations: Protocol Guild, a funding organization, and PBS Foundation, a non-profit research entity. The asset manager says the donations “have no strings attached” and will be made annually “for at least the next 10 years.”
Bitwise CTO Hong Kim says the firm wants to provide an additional source of funding for “unsung heroes who work tirelessly to improve the Ethereum network’s security, scalability, and usability every day.” In addition to Ethereum, Bitwise earlier also pledged to donate 10% of profits from its spot Bitcoin ETF to Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund.
The announcement comes as the U.S. Securities and Exchange Commission (SEC) signed off on spot Ethereum ETF applications from Bitwise Asset Management, BlackRock, and 21Shares among others, paving the way for broader institutional adoption and increased investor access to Ethereum.
As crypto.news reported earlier, the SEC first approved applications for spot Ethereum ETFs at the end of May. However, firms were still awaiting approval for their S-1 filings before trading could officially begin.
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Altcoins
Bitwise CIO Matt Hougan Predicts Institutional Interest in Altcoins, Says 2025 the Year of Crypto Diversification
Published
1 day agoon
December 22, 2024By
adminBitwise CIO Matt Hougan says a wave of institutional interest in altcoins is coming next year, largely due to potential regulatory clarity and more exchange-traded funds (ETFs).
In a new interview with Bloomberg, Hougan says that institutional money is in the early stages of broadening out to other crypto assets besides just Bitcoin (BTC).
Hougan forecasts that 2025 will be the year that institutional investors will begin to incorporate more diversification in their crypto-investing strategies the same way they do in other asset classes like equities or bonds.
“You’re already seeing it broaden out actually. A lot of people were worried about the Ethereum ETFs for instance, which launched this summer and had tepid inflows.
But over the last month or so, you’ve seen billions of dollars flow into those products.
Again, the things that have happened in crypto in the past keep happening. Historically, most people enter crypto through Bitcoin, and then they discover Ethereum, and then they think about Solana. There’s no reason to assume that the institutions that came into Bitcoin won’t move on to other assets in the future.
In fact, I think in 2025, you’re going to see an explosion of interest in index space strategies that give diversified exposure to crypto. Of course, [that is] something we’ve been doing at Bitwise since 2017 when we pioneered that concept. I think 2025 is when that becomes a mainstream way to allocate to this space, the same way it is to stocks and bonds and real estate and everything else.”
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24/7 Cryptocurrency News
Bitwise CIO Matt Hougan Says Ethereum To Outpace Solana in 2025, Here’s Why
Published
5 days agoon
December 18, 2024By
adminBitwise CIO Matt Hougan has commented on Ethereum’s evolving position in the blockchain ecosystem, predicting that the platform could outperform Solana in 2025. According to Hougan, Ethereum’s reputation as slow and expensive is becoming outdated as advancements in its ecosystem address these challenges.
Bitwise CIO Predicts Ethereum Layer-2 Growth Will Outpace Solana by 2025
According to a recent tweet by Bitwise CIO Matt Hougan, Ethereum Layer-2 networks are transforming the platform’s reputation and usability. Hougan noted that Ethereum’s advancements in scalability and user experience rival those of Solana, traditionally recognized for its ease of use.
Moreover, Hougan highlighted projects like Clanker and Virtuals, AI-driven applications thriving on Ethereum Base network. These developments demonstrate Ethereum’s ability to support innovative, user-friendly solutions while maintaining its robust infrastructure. This shift is pivotal for ETH as it aims to combine institutional-grade credibility with improved accessibility for everyday users.
Matt Hougan added,
“If Ethereum can retain its institutional bona fides but level up ease-of-use, 2025 will be a good year indeed. It’s the Layer-2 network thesis playing out in real-time.”
Despite the competition between Ethereum and Solana blockchains, VanEck predicted new all-time highs for both assets by 2025. Ethereum is projected to surpass $6,000, driven by Layer-2 growth and staking integration, while Solana is forecast to exceed $500 due to its scalability and adoption in DeFi and NFTs. VanEck also expects Bitcoin to reach $180,000, fueled by U.S. adoption and corporate holdings.
Layer-2 Networks Propel Accessibility
Ethereum’s evolution is largely driven by its top Layer-2 solutions, such as Base, Optimism, and Arbitrum. These solutions address long-standing issues of scalability and high transaction costs. Bitwise CIO Matt Hougan emphasized the importance of these networks in making Ethereum ecosystem competitive with platforms like Solana.
By leveraging Layer-2 technology, Ethereum provides a more seamless experience for developers and users. This advancement positions the platform as a hub for projects that require both scalability and affordability. Bitwise CIO predicts that this Layer-2-driven transformation will drive Ethereum’s growth in 2025.
Moreover, Ethereum’s infrastructure is favored for projects in artificial intelligence (AI) and decentralized finance (DeFi). With a growing number of applications leveraging its infrastructure, Ethereum continues to demonstrate its versatility. Bitwise CIO believes this adaptability strengthens Ethereum’s position as a leader in blockchain technology.
While Ethereum makes strides in accessibility and innovation, Solana recently overtook it as the leading ecosystem for new developers. According to Electric Capital, Solana experienced an 83% year-on-year growth in monthly active developers, ending Ethereum’s eight-year dominance in this metric.
Despite Solana’s achievements, Bitwise CIO Matt Hougan remains confident in Ethereum’s trajectory.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin
US Bitcoin Reserve Could Push Price To $500,000: Expert
Published
5 days agoon
December 18, 2024By
adminIn an exclusive interview with Yahoo Finance, Matt Hougan, Chief Investment Officer at Bitwise Asset Management, shared his bullish outlook on Bitcoin, projecting significant price appreciation by the end of 2025. “We expect Bitcoin to be up above $200,000 by this time next year,” Hougan stated, attributing this forecast to three primary sources of demand: exchange-traded funds (ETFs), corporate investments, and governmental acquisitions.
Hougan elaborated, “There are ETFs that are vacuuming up Bitcoin, public companies like MicroStrategy are accumulating Bitcoin, and now we’re seeing discussions about governments investing in Bitcoin. It ultimately boils down to supply and demand—there’s too much demand and not enough supply, which drives the price higher.”
When probed about the sustainability of such demand, Hougan emphasized the gradual awakening of different investor segments to Bitcoin’s value proposition. “People just wake up to Bitcoin at different paces. We’ve seen retail investors engage first, followed by companies and financial advisors, and now institutions are recognizing that Bitcoin belongs in a diversified portfolio,” he explained.
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“Bitcoin is now a global macro asset worth a few trillion dollars, and virtually every investor should have some exposure. We still have a large number of investors to go, which is why I believe we’re still early in this journey. We have many quarters to go,” he added.
How High Can Price Go If The US Buys Bitcoin?
A pivotal aspect of Hougan’s forecast hinges on the potential establishment of a US Strategic Bitcoin Reserve (SBR). Addressing this, Hougan remarked, “If we do get a Bitcoin strategic reserve where the government is buying Bitcoin, as proposed in Senator Lummis’ bill for the government to purchase a million Bitcoin, $200,000 Bitcoin is going to be looking quaint. You’re going to be looking at three four $500,000 Bitcoin. It’s just too big a story because governments all around the world would have to do it.”
Hougan admitted that he was first skeptical about Trump suggestions to establish a SBR. “But over the months, it hasn’t gone away in fact we continue to see leaders in the Trump Administration suggest that they’re open to it,” Hougan remarked. The Bitcoin CIO still thinks that the odds of the US government buying Bitcoin is less than 50%, but “it’s not zero,” he added. “If it happens or if we start to see it happening in other countries, you’re going to see a rip up in Bitcoin that will make 2024 look pretty docel in comparison.”
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Hougan also highlighted the role of institutional platforms, specifically citing Coinbase as a potential major beneficiary in the evolving crypto landscape. “Coinbase is currently about half the size of Charles Schwab, and we believe it could surpass Schwab in brokerage size,” he noted.
“Coinbase hasn’t had major competitors bubbling up to challenge it; it’s sort of had a degree of regulatory capture, if you can believe it. As a result, it’s been able to sustain its high margins in brokerages and then layer on things like stablecoins. [..,.] It’ll also help if it gets into the S&P 500; you see institutions buying it broadly. I think it’s a really unique situation driven by the fact that there was so much regulatory uncertainty—it cleared the competitive fat path and now it’s going to reap those rewards and build a really, you know, maybe an unsalable position leading this industry in the US.”
Looking ahead to the broader market, Hougan anticipated an influx of crypto-related companies entering public markets. “We can expect firms like Kraken, Anchorage, and Chainalysis to go public, further normalizing the industry,” he stated. “This influx will lead to increased Wall Street coverage and institutional investment, setting the stage for a robust IPO window in 2025.”
Despite the optimistic outlook, Hougan acknowledged potential risks that could impede Bitcoin’s growth. “The biggest risk is that politicians don’t deliver on their promises—if we don’t achieve regulatory clarity or fail to establish a strategic reserve, the expected bull market might not materialize,” he cautioned. “Regulatory and political factors are crucial drivers for crypto in 2025, and any setbacks in these areas could pose significant challenges.”
At press time, Bitcoin traded at $104,212.
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