Spark CEO Jim Wiandt speaks with crypto experts Tyrone Ross Jr., CEO of Onramp Invest, and Matt Hougan, CIO of Bitwise Asset Management, about where crypto is going this year and into the future.
Watch as Hougan predicts that this year, having reached a market cap of $250 billion on the “backs of retail investors,” that bitcoin will cross over into the institutional investment space.
Major broker-dealers, he says, will likely start allowing their reps to access bitcoin and financial advisors will start making allocations to bitcoin as well.
And, despite all of the downside of Bitcoin that have made advisors wary to include it in client portfolios — it’s unregulated, it’s volatile — the drumbeat around crypto has not slowed and its value has soared in the past year. (A mere month and change into 2021, it’s soared by $20,000 alone.)
Hougan made these comments at our Spark Disruptors conference back in November 2020, and indeed, in the past weeks alone, Tesla has announced that it plans to start accepting Bitcoin as payment. Last week, Mastercard announced it will “support select cryptocurrencies” on its network.
Whether it’s a bubble or the future of investing, cryptocurrency has revealed itself to have staying power.