Matt Hougan, the Chief Investment Officer (CIO) at Bitwise Asset Management, is foreseeing a substantial bullish phase ahead for Ethereum (ETH), driven by several key factors.

In a recent interview with Scott Melker, Hougan expressed confidence that Ethereum spot exchange-traded funds (ETFs) could attract as much as $15 billion within 18 months of their anticipated approval, which is on the horizon.

“I believe this prediction sits squarely in the middle. We might exceed it, or slightly fall short, but I see $15 billion as a highly achievable target,” Hougan stated.

He further highlighted two additional factors likely to propel ETH to new heights: increased acceptance of cryptocurrencies by the US government and Ethereum’s recent network upgrade, Dencun. This upgrade aims to slash costs associated with layer-2 transactions and enhance data accessibility.

“These projections often overlook the fact that we’re entering what typically becomes the ETH cycle. They also underestimate two significant tailwinds for ETH: the reduction in regulatory uncertainties and the evolving stance of Washington towards crypto. This represents a massive boost for ETH. Coupled with the impacts of the Dencun upgrade, I don’t think the market has fully grasped the implications yet,” Hougan explained.

Currently, Ethereum is trading at $2,974, reflecting a decrease of 3.6% over the past 24 hours.

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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please be aware that your transfers and trades are at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not advocate for the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please note that The Daily Hodl engages in affiliate marketing.
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