Bitwise Chief Investment Officer: The largest crypto ETP in the United States has not yet been launched, and index products will be favored

Odaily Planet Daily News Bitwise Asset Management Chief Investment Officer Matt Hougan said at the recent Digital Asset Forum in London: "If you look ahead 10 years, I bet that the largest (cryptocurrency) ETP in the United States has not yet been launched, and I believe that (the largest ETP) will be an index-based product." Hougan pointed out that resolving the dispute over the definition of securities-commodities may open the floodgates. "Unless we get clear definitions, it will hinder market development. But once we get these definitions, I believe that products in the United States will explode." Despite the slow start, Hougan believes that as more institutional investors get involved in this asset class, crypto index ETFs will play their due role. "So far, cryptocurrencies have been mainly a retail phenomenon, but I guess this will change in the next 10 years. As cryptocurrencies become standardized, more and more professional investors will enter the field. In every asset class I have studied, professional investors like indexing. I don't know why cryptocurrencies are different." He believes that most existing crypto ETP investors are hardcore "fans" who have strong positions for or against specific tokens and hope to express their positions through targeted products. Hougan said: "Again, I expect this to change, and I'm guessing that 2-5% allocation to cryptocurrencies will become the norm, and a lot of people just want to buy a basket of cryptocurrencies because they don't want to choose any specific tokens." However, Hougan believes that inflows into US Bitcoin ETFs this year will still exceed its strong performance last year. (FT)