Odaily News Matt Hougan, chief investment officer at Bitwise Asset Management, told CNBC’s “Squawk Box Asia” that the current drop in Bitcoin prices is a “short-term setback” and that the market will soon find its footing and realize that this is actually a long-term bullish move for the asset and the entire cryptocurrency market.
Matt Hougan added that David Sacks, the White House's director of cryptocurrency and AI, has said the US will seek "budget-neutral strategies to acquire more Bitcoin, provided that these strategies do not impose incremental costs on American taxpayers." The right question should be: Does this executive order make it more likely that Bitcoin will become a geopolitically important currency or asset in the future? Will other governments follow the US example and build their own strategic reserves? For me, the answer is yes, and the reason this question is important is that it determines whether Bitcoin is $80,000 or $1 million. (CNBC)