Summary
- Matt Hougan, Bitwise CIO, stated that Bitcoin could surge significantly if the macroeconomic environment improves.
- Bitcoin's price remains stable despite the uncertain economic situation, with a return of 0.07% over the past 30 days.
- The narrowing gap in decline with the S&P 500 suggests that Bitcoin is likely to establish itself as a risk hedge asset.
Bitcoin (BTC) is showing different price movements than before, and there is an opinion that it could surge if the macro environment improves.
On the 15th (local time), Matt Hougan, Chief Investment Officer (CIO) of Bitwise, stated in a memo to clients, "Currently, Bitcoin is showing a surprisingly solid performance," and "it could surge significantly if the macroeconomic environment improves."
He noted that despite the uncertain macroeconomic environment, Bitcoin's price remains stable. Hougan said, "Bitcoin's price has barely moved over the past month," and "Bitcoin's return over the past 30 days is about 0.07%." He continued, "This is a stark contrast to when adjustments occurred in the risk asset market in the past," and evaluated that "Bitcoin is behaving like an asset that wants to rise higher."
Additionally, he predicted that Bitcoin could outperform stocks for the first time in a bear market. In previous bear markets in 2018, 2020, and 2022, while the S&P 500 fell by 19%, 34%, and 25% respectively, Bitcoin plummeted by 37%, 38%, and 58%, but currently, the difference in decline between the S&P 500 and Bitcoin is only 0.4 percentage points.
Hougan added, "This is because the narrative that Bitcoin is a 'risk hedge asset' similar to gold is gaining traction in the market," and "there is a high possibility that Bitcoin's bullish trend will continue."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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