Matt Hougan, the Chief Investment Officer (CIO) at Bitwise Asset Management, has forecasted a significant bullish cycle for Ethereum (ETH) driven by several key factors.

In an interview with Scott Melker, Hougan suggested that the approval of spot Ethereum exchange-traded funds (ETFs) could attract as much as $15 billion in investments within the next 18 months, a development anticipated in the near future.

Hougan expressed confidence in his prediction, stating, “I think it’s a conservative estimate. We might exceed it, or fall slightly short, but I firmly believe $15 billion is well within reach.”

He highlighted two additional factors that could propel ETH to new heights: an increasing acceptance of cryptocurrencies by the US government and Ethereum’s recent network upgrade, Dencun. The upgrade aims to lower costs for layer-2 transactions and enhance data availability.

Hougan remarked, “These projections overlook the fact that we’re entering what traditionally becomes the ETH cycle. Moreover, they underestimate two significant tailwinds for ETH: the resolution of regulatory uncertainties and the positive shift in Washington’s stance towards crypto in recent months. These are monumental tailwinds for ETH. Coupled with the implications of the Dencun upgrade, the market has yet to fully appreciate its potential impact.”

As of the latest update, Ethereum is trading at $2,974, showing a decrease of 3.6% over the past 24 hours.

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