Bitwise CEO expects the new bull cycle in the crypto market to start in 2023
Recently, Hunter Horsley, co-founder and CEO of Bitwise Asset Management, shared his thoughts on the crypto market.
The Bitwise CEO’s comments were made on Oct. 10 during a conversation with Emily Chang on Bloomberg Television’s daily show “Bloomberg Technology.”
According to a report by The Daily Hodl, Horsley said:
“Crypto is down about 60% or so – it changes every day. So the story of this year is definitely a bear market. Nevertheless, we have seen increased interest from our customer base. And I think the backdrop for many crypto investors is that historically there have been four-year cycles, and while there are opportunities to make money in many crypto market moments, the bear markets are the moments when fortunes can be made. So there are some who are positioning themselves in the current bear market and getting into the space now...
“The historical pattern of crypto with the data we have – 12 year journey – is that we get four year cycles. We get three years of bull markets with increasing momentum and then we get a bear market year. Then in 2014 the market fell almost 60%. 2018 – the market down north of 70%. And this year, obviously 2022, the market went down about 60%. The expectation, if the market continues its historical trend, will be that we start a new cycle next year.“
On October 4, Bitwise, which claims to be “the world’s leading crypto index fund manager with more than $1.3 billion in assets under management,” announced the launch of the Bitwise Web3 ETF (ticker: BWEB, which uses a strategy that “gives investors access to companies that are well positioned to take advantage of the rise of Web3, a term used to describe the next wave of Internet development characterized by greater decentralization and individual ownership of data.”
Bitwise CIO Matt Hougan stated:
“Today, many experts believe that we are on the way to a major development in the core architecture of the Internet. Any shift of that magnitude will depend on companies that can provide the services and infrastructure to support it. With the Bitwise Web3 ETF, we are pleased to provide investors with the opportunity to capture one of the fastest emerging themes in technology through a diverse mix of companies that we believe will lead the way.“
The press release went on to say that the Bitwise Web3 Equities Index on which the fund is based “includes broad exposure to companies spread across five key themes: Web3 Infrastructure Providers, Web3 Finance, Web3-Enabled Metaverse and Digital Worlds, Web3-Enabled Creator Economy, and Web3 Development and Governance” and that “more than 85% of the portfolio will be invested in companies directly related to Web3 themes and business activities.”
And the Bitwise CEO had this to say:
“Today’s Web3 companies are not only helping to reshape the Internet as we know it, but they are among some of the most disruptive and fastest-growing companies in the world. The Bitwise Web3 ETF seeks to capitalize on this great opportunity by offering innovation investors an easy way to access the space. It also leverages our expertise in crypto – the cornerstone of Web3 – as many of these companies center their business around blockchain technology. We look forward to seeing their anticipated continued growth as the space unfolds.“
