Matt Hougan, Chief Investment Officer at Bitwise, believes that Federal Reserve Chairman Jerome Powell’s recent comments could mark the start of a new bullish phase for Bitcoin (BTC). In a note to investors, Hogan noted that Powell’s comments have removed some of the uncertainty surrounding Bitcoin. Powell noted that interest rate cuts are imminent, fueling investor optimism. Hogan expects this to be the start of the rate-cutting cycle in 2024-2025. He believes that interest rate cuts tend to favor riskier assets like Bitcoin. However, Hogan admits that the upside may not be easy due to uncertainties such as the U.S. election and the possibility of regulatory action from the U.S. Securities and Exchange Commission (SEC). Despite these concerns, he believes Powell's comments will usher in a new era for Bitcoin.
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