Bitwise CIO: Bitcoin's decline is a short-term setback, the market will soon find its footing

Odaily Planet Daily News Bitwise Asset Management Chief Investment Officer Matt Hougan said on CNBC's "Squawk Box Asia" that the current decline in Bitcoin prices is a "short-term setback" and the market will soon find its footing and realize that this is actually a long-term bullish view on this asset and the entire cryptocurrency market. Matt Hougan added that David Sacks, the White House's director of cryptocurrency and AI, has said that the United States 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 Bitcoin more likely to become a geopolitically important currency or asset in the future? Will other governments follow the United States and build their own strategic reserves? For me, the answer is yes, and the reason why this question is important is that it determines whether Bitcoin is $80,000 or $1 million. (CNBC)