Matt Hougan, the chief investment officer (CIO) of crypto asset management firm Bitwise, says concern over US dollar weakness is creating one massive Bitcoin (BTC) trend.
In a new interview on CNBC Television, Hougan says that more public companies are buying Bitcoin to hold on their balance sheets as a hedge against the declining strength of the dollar due to money printing and other factors.
“We think this is a megatrend that’s going to accelerate into the future. One [reason], of course, is increased worries about the dollar. Corporations globally are sitting on record amounts of cash and what they’ve historically done is park it in short-term US Treasuries or, in fact, in cash accounts. But with the huge money printing and growing deficits, that no longer seems like a valid approach. They need another way to protect their wealth from degradation and they are turning to the best horse in that race, which is Bitcoin.”
Hougan predicts that publicly traded companies with Bitcoin treasuries will one day number in the thousands as investors also start to favor companies employing the strategy.
“The investing audience has just recognized this is a positive strategy. And so companies are being rewarded for taking this bold step of putting Bitcoin on their balance sheet. We think there will ultimately be thousands of companies that do this. We think we’re in inning one or two of this megatrend period, but you’re seeing it accelerate over time. It’s very exciting.”
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