Bitwise CIO: The decline of Bitcoin is a short-term setback, and the market will soon find its footing

ChainCatcher news, Bitwise Asset Management Chief Investment Officer Matt Hougan stated on CNBC's "Squawk Box Asia" that the current drop in Bitcoin prices is a "short-term setback," and the market will soon find its footing and realize that this is actually a long-term bullish outlook for this asset and the entire cryptocurrency market.

Matt Hougan added that White House cryptocurrency and AI director David Sacks has indicated that the U.S. will seek a "budget-neutral strategy to acquire more Bitcoin, provided that these strategies do not impose incremental costs on American taxpayers." The right question should be: Does this executive order make it more likely for Bitcoin to become a geopolitically significant currency or asset in the future? Will other governments follow the U.S. and establish their own strategic reserves? For me, the answer is yes, and the reason this question is important is that it determines whether Bitcoin is worth $80,000 or $1,000,000.