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Bitwise CEO Spotlights RIA’s BTC Adoption, Parabolic Run Imminent? – Crypto News

Published

2 years ago

April 19, 2024

Dripp

Bitcoin ETF issuer Bitwise’s CEO Hunter Horsley spotlighted the stealthy yet substantial adoption of Bitcoin (BTC) by registered investment advisors (RIAs) and multi-family offices. In addition, Horsley underscored the discrete nature of Bitcoin adoption among financial institutions.

Bitwise CEO Highlights Growing Bitcoin Adoption

In a post on X Horsley stated, “Right now countless RIAs and multi-family offices are buying bitcoin and doing homework. But almost none of them are saying anything about it publicly.” However, the Bitwise CEO also noted that the Bitcoin adoption by these institutions isn’t publicly known.

He added, “You can scour LinkedIn or firm websites, and you will be hard pressed to find mention of it.” Despite the lack of public acknowledgement, Horsley revealed that discussions with RIAs and family offices were not only abundant but also deeply engaging, with meetings frequently exceeding expectations. Moreover, he noted, “I’ve had 10 meetings with RIAs and family offices so far this week. Every single one ran long. One ran over 2 hours.”

In addition, the Bitwise CEO expressed enthusiasm over the depth of dialogue and the genuine interest exhibited by financial firms toward Bitcoin. Horsley stated, “I can’t tell you how exciting the state of the dialogue is. Many of these firms have incredible people, who fully get it, are long term oriented, and are thinking about how it can fit in.”

He emphasized that these interactions signal a significant turning point in the adoption of Bitcoin within traditional financial sectors. Horsley remarked, “We’ve entered a new chapter.” This revelation coincides with the imminent Bitcoin Halving event, a highly anticipated occurrence within the BTC ecosystem. The Halving, slated to reduce the reward for Bitcoin miners by half, historically catalyzed a remarkable Bitcoin price rally.

Also Read: Bitcoin Price Today: BTC Drops Under $60,000 As Iran-Israel Conflict Escalates, What’s Next?

BTC Price Rebounds

The Bitcoin price surged past $64,000 today, marking a significant rebound from the low of $59,000 attained during the crash. At press time, the BTC price was up by 5.33% to $64,764.97 on Friday, April 19. Meanwhile, the crypto’s market cap stood at $1.27 trillion.

Moreover, the Bitwise CEO also doubled down on the target of $100,000 for Bitcoin after the Halving event. In a recent post on X, Horsley asserted that the Halving’s significance is being vastly underestimated by the market. Amid. a backdrop of mixed sentiments and Bitcoin’s slip to $59,000, Horsley draws parallels to previous Halving events.

He highlighted the remarkable outcomes of past Halvings, notably in 2020, where investors saw their gains soar by a staggering 5.4 times. This trend continued in 2016 and 2012, with gains multiplying by 2.8 times and an astonishing 88 times, respectively. With the upcoming Halving on the horizon, Horsley boldly predicted a significant uptrend for Bitcoin. He declared, “A $100k bitcoin is +67% from here.”

Also Read: Bitcoin Halving: Bitwise CEO Bullish On BTC Price To Hit $100K Post-Having