Expert Says US Election Results Won’t Deter Wall Street and Institutions from Adopting Bitcoin

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  • Bitcoin hit a new all-time high after Republican Party candidate Donald Trump won the presidential election on Tuesday.
  • While many think a Trump win is a game-changer for BTC, Bitwise’s CIO Matt Hougan says crypto will thrive no matter who wins.
  • Hougan believes that regardless of who wins, Wall Street and institutions will continue to adopt crypto.

Wall Street Will Embrace Crypto Regardless – Hougan  

Bitcoin has received significant attention after the conclusion of the US presidential election. Many believe Donald Trump’s winning the election is the beginning of a new era of crypto-friendly regulations that will encourage mainstream adoption. 

Crypto enthusiasts anticipate that Trump, being pro-crypto, will introduce progressive regulations that will positively impact Bitcoin and other digital assets.

In a recent client memo titled “Crypto Has Already Won,” Matt Hougan, the chief investment officer at Bitwise Asset Management, shared an interesting perspective. Hougan believes crypto was already poised for mainstream adoption regardless of who took over the Oval Office. 

The investment expert said a Trump victory would minimize regulatory risk for altcoins. However, regardless of the election outcome, Hougan said, “Bitcoin, Ethereum, and Stablecoins will thrive” no matter who wins.

He believes these assets will continue to grow, attracting investment from institutions and Wall Street irrespective of who wins the election.

According to Hougan, “spot crypto ETF inflows will continue,” regardless. He also mentioned that Stablecoin adoption will continue to expand rapidly while institutions will funnel funds into crypto

Further, the Bitwise CIO noted that the adoption of real-world assets and tokenization on Wall Street will continue to grow. He also mentioned that blockchain technology will keep advancing with cheaper and faster transactions. 

Also, he noted that the mainstream adoption and growth of real-world blockchain applications like Polymarket will not stop

This remark implies that Bitwise believes that blockchain, crypto, and related technology have come to stay and will adapt to any political change. 

How Will a Trump Win Affect Bitcoin And Other Crypto Assets?

According to Hougan, the election results will mainly have a short-term effect on crypto. It will either be a speed bump or wind gust effect, slowing crypto down or speeding it up, but it can’t stop it

“Make no mistake: What happens in Tuesday’s election matters, particularly in the short term. But as I see it, over the long term, Tuesday will prove to be something between a speed bump and a wind gust. Neither is going to stop this train,” Hougan emphasized.

Meanwhile, in a Wednesday comment posted on X after the presidential election, Hougan said a fresh, pro-crypto regulatory will be a game-changer. He explained that a crypto-friendly regulatory environment would motivate institutional investors, who had been discouraged by the hostile atmosphere, to invest in crypto.  

Meanwhile, Bitcoin hit an all-time high of $76,460 on Wednesday, reeling from the election buzz effect. Bitcoin has attracted significant investor attention, with its Open Interest reaching $45.4 billion on November 6, a 13.3% increase from November 5. 

Currently, Bitcoin Open Interest has reached $83 billion, up 4% over the past day, as BTC aims for the $80,000 threshold. Several market analysts have predicted a continued uptrend, with Bitcoin possibly hitting $100,000 before 2024 ends.

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Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy.

View all articles by Rida Fatima

The Tech Report editorial policy is centered on providing helpful, accurate content that offers real value to our readers. We only work with experienced writers who have specific knowledge in the topics they cover, including latest developments in technology, online privacy, cryptocurrencies, software, and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards, and every article is 100% written by real authors.

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