Bitwise CIO Compares 2018 and 2022: “We’re in a Bitcoin Bear Market, But More So Than Others…!”

With Bitcoin recently falling very rapidly to $60,000, doubts about whether it is in a bear market have almost disappeared. At this point, analysts are trying to predict whether the $60,000 mark represents the bottom and what the maximum drop might be.

Bitwise Chief Investment Officer (CIO) Matt Hougan, while acknowledging that we are in a bear market, stated that the current cycle is different and more promising than past cycles.

Matt Hougan argued that the current bear market is fundamentally different from previous downturns, signaling a much more positive period to come.

He stated that anyone who believes the current period is worse than 2018 or 2022 simply doesn’t remember what those times were like, or has forgotten.

Hougan recalled that in 2018, Bitcoin was at $3,000 and, despite being touted as a “global computer,” it lacked real-world applications and had significant transaction volume limitations.

Hougan added that the entire market collapsed in 2022.

In contrast, he stated that the current cryptocurrency market is far more robust. Hougan based this claim on the stablecoin market capitalization approaching $3 trillion, the tokenization market nearing $200 trillion, and a more favorable regulatory environment.

Hougan also added that he was excited about the developments, such as major firms like BlackRock and Apollo building DeFi-based ecosystems, the expansion of infrastructure, and the launch of ETFs.

Hougan concluded by acknowledging that the road ahead will not be easy, but stating that he is very excited about the future of Bitcoin and cryptocurrencies.

*This is not investment advice.

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