Matt Hougan, Chief Investment Officer of Bitwise Asset Management, declared in an investor note today that the crypto industry has secured its place in the financial world, irrespective of the outcome of today’s US presidential election between President Donald Trump and Senator Kamala Harris. In his note titled “Crypto Has Already Won,” Hougan stated, “There is nothing left to say about Tuesday’s election.”
He provided a succinct assessment for investors: “Short-term, a Trump victory is better than a Harris victory. Long-term, Bitcoin, Ethereum, and stablecoins will thrive regardless of who wins. Altcoins have more regulatory risk in a Harris regime than a Trump regime.” Hougan cautioned that the only unfavorable scenario for crypto would be a Democratic sweep. “It would embolden the fringe element of the Democratic Party that is overtly hostile to crypto. But even in that scenario, I’d buy the dip,” he wrote.
Reflecting on the industry’s resilience over the past four years, Hougan emphasized, “If there’s one thing the past four years has taught me, it’s this: Washington can’t stop crypto. It can alter the trajectory. It can speed things up or slow things down. It can bring more confusion or new clarity. But it can’t stop it.”
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According to the Bitwise CIO, the presidential election serves as a milestone to evaluate the crypto sector’s growth since November 2020. Despite a combative regulatory environment—including “Operation Choke Point 2.0,” numerous SEC lawsuits, and a host of contradictory or ambiguous statements—the progress made is remarkable. Hougan noted, “We focus so much in crypto on the moment-by-moment movement of prices that we often lose sight of the long-term trends. The presidential election provides a nice opportunity to step back and see how far we’ve come.”
‘Crypto Has Already Won’
He presented compelling statistics comparing November 2020 to November 2024. Bitcoin’s price increased from $13,677 to $69,492, a 408% rise. Ethereum went from $388 to $2,492, marking a 552% increase. Solana experienced a meteoric rise from $1.49 to $165.12, an increase of 10,982%.
In terms of trading volume, the CME Bitcoin Futures Open Interest in October surged from $0.57 billion to $10.58 billion, a 1,756% increase. The seven-day moving average of crypto daily exchange volume…
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