The investor said the crypto market is poised to continue its recent rally, with Bitcoin potentially reaching new all-time highs in the coming year.

這位投資者表示，加密貨幣市場預計將繼續近期的漲勢，比特幣有可能在未來一年創下歷史新高。

Speaking in an interview on CNBC on Dec. 6th, Bitwise Chief Investment Officer Matt Hougan argued that the latest spike in Bitcoin (BTC) and crypto assets is driven by a combination of factors. These include growing institutional interest in crypto, speculation around a spot Bitcoin ETF approval, and investors positioning into inflation and risk-on assets amid falling bond yields.

Bitwise 首席投資長 Matt Hougan 於 12 月 6 日接受 CNBC 採訪時表示，比特幣 (BTC) 和加密資產的最新飆升是由多種因素推動的。其中包括機構對加密貨幣的興趣日益濃厚、圍繞現貨比特幣 ETF 批准的猜測，以及投資者在債券收益率下降的情況下買入通膨和風險資產。

Every bull market has multiple drivers. You mentioned earlier the likelihood of a spot Bitcoin ETF. I think that’s a huge driver of what we’re seeing in crypto.

每個牛市都有多個驅動因素。您之前曾提到現貨比特幣 ETF 的可能性。我認為這是我們在加密領域看到的巨大推動力。

But what you mentioned with gold and with interest rates coming down on the 10 year in the US expectation for future interest rate cuts, I think people are moving into sort of inflation sensitive and risk on assets and assets that provide sort of a protection against economic risk.

但你提到的黃金和利率在美國對未來降息的預期中將在十年內下降，我認為人們正在轉向對通膨敏感和對資產和資產風險敏感，這些資產和資產可以提供某種程度的經濟保護風險。

Matt Hougan

馬特·豪根

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Hougan believes this rally has momentum to continue over the long term, asserting that it marks the beginning of mainstream institutional adoption of crypto assets. In his view, the market is transitioning from being retail-dominated to having rising participation from institutional investors.

Hougan 認為，從長遠來看，這種反彈勢頭有持續下去的動力，並聲稱這標誌著主流機構採用加密資產的開始。在他看來，市場正從散戶主導轉向機構投資人參與度上升。

What this crypto bull market is about is about professional investors and institutional investors entering the market for the first time, really for the last 13 years of Bitcoin’s existence. […] The advent of an ETF firms like BlackRock coming into the market, that’s going to be the big money into the crypto market for the first time ever.

這次加密貨幣牛市是關於專業投資者和機構投資者首次進入市場，實際上是在比特幣存在的最後 13 年。 […]像貝萊德這樣的 ETF 公司進入市場，這將是有史以來第一次大量資金進入加密貨幣市場。

Matt Hougan

馬特·豪根

While expecting near-future volatility after this year’s sizeable run-up, Hougan predicts new all-time highs for Bitcoin within 6-12 months. He also stated that the crypto bear market, or “crypto winter”, is over.

儘管預計今年的大幅上漲後近期將出現波動，但 Hougan 預測比特幣將在 6-12 個月內創下新的歷史高點。他還表示，加密貨幣熊市或「加密貨幣冬天」已經結束。

We’re no longer talking about FTX. We’re talking about Fidelity. We’re no longer talking about BlockFi. We’re talking about BlackRock. We’re in the crypto spring. This is the dawn of a major and I believe multi-year bull market in crypto. I think it’s the mainstream era of crypto. So, yes, crypto winter is behind us and we see the green shoots and there are still warm days ahead.

我們不再談論 FTX。我們正在談論富達。我們不再談論 BlockFi。我們正在談論貝萊德。我們正處於加密貨幣的春天。這是加密貨幣領域一個重大的、我相信多年牛市的黎明。我認為這是加密貨幣的主流時代。所以，是的，加密冬天已經過去，我們看到了萌芽，未來仍然有溫暖的日子。

Matt Hougan

馬特·豪根

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