Matt Hougan Says 95% of Crypto ‘Will Die Painful Death’
The assessment of Matt Hougan, the global head of research at Bitwise, creator of the world’s first cryptocurrency index fund reveals that bitcoin bull market was a bubble that burst in 2018 which attracted a lot of money and talent to the burgeoning industry.
Hougan told Bloomberg’s Barry Ritholtz on his podcast : “It was a massive run-up and a massive pullback,” “[It was a] total bubble.”
Hougan also said the bitcoin bubble fueled intense media interest in blockchain and the crypto market.
Hougan says the bitcoin bubble is not dissimilar to the Internet bubble of 1996 to 2001, which imparted similar collateral benefits to the then-nascent tech industry.
“It did the same thing that happened with the Internet, which is it attracted a huge amount of talent. It did bring a lot of capital and interest in development to the ecosystem.”