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.

这位投资者表示，加密货币市场有望继续近期的涨势，比特币有可能在来年创下历史新高。

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 首席投资官 Matt Hougan 于 12 月 6 日接受 CNBC 采访时表示，比特币 (BTC) 和加密资产的最新飙升是由多种因素推动的。其中包括机构对加密货币的兴趣日益浓厚、围绕现货比特币 ETF 批准的猜测，以及投资者在债券收益率下降的情况下买入通胀和风险资产。

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.

每个牛市都有多个驱动因素。您之前提到过现货比特币 ETF 的可能性。我认为这是我们在加密领域看到的巨大推动力。

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.

但你提到的黄金和利率在美国对未来降息的预期中将在十年内下降，我认为人们正在转向对通胀敏感和对资产和资产风险敏感，这些资产和资产可以提供某种程度的经济保护风险。

Matt Hougan

马特·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 认为，从长远来看，这种反弹势头有持续下去的动力，并声称这标志着主流机构采用加密资产的开始。在他看来，市场正在从散户主导转向机构投资者参与度上升。

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.

这次加密货币牛市是关于专业投资者和机构投资者首次进入市场，实际上是在比特币存在的最后 13 年里。 […]像贝莱德这样的 ETF 公司进入市场，这将是有史以来第一次大量资金进入加密货币市场。

Matt Hougan

马特·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.

尽管预计今年的大幅上涨后近期会出现波动，但 Hougan 预测比特币将在 6-12 个月内创下新的历史高点。他还表示，加密货币熊市或“加密货币冬天”已经结束。

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.

我们不再谈论 FTX。我们正在谈论富达。我们不再谈论 BlockFi。我们正在谈论贝莱德。我们正处于加密货币的春天。这是加密货币领域一个重大的、我相信多年牛市的黎明。我认为这是加密货币的主流时代。所以，是的，加密冬天已经过去，我们看到了萌芽，未来仍然有温暖的日子。

Matt Hougan

马特·豪根

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