[2024-08-06] Market Panic: Bitwise CIO Reflects on Bitcoin's Resilience ...

[chmod755]

Market Panic: Bitwise CIO Reflects on Bitcoin's Resilience Amid Market Turmoil

The chief investment officer at asset management firm Bitwise has addressed the current market downturn, drawing parallels with the market crash on March 12, 2020, when the Covid-19 pandemic caused global panic. “People smash the sell button for liquid assets during broad-based panics. But from my seat, today’s events play into the long-term story for bitcoin,” he opined.

Market Insights and Future Prospects for Bitcoin Amid Current Downturn

Matt Hougan, chief investment officer at asset management firm Bitwise and a well-known voice in the financial sector, took to social media platform X on Monday to comment on the current market downturn. He reflected on past and present market behaviors, recalling the significant market downturn on March 12, 2020, when the Covid-19 pandemic triggered a global panic. He wrote:

The last time global capital markets panicked was March 12, 2020, when the reality of Covid set in. Bitcoin’s price fell 37% that day, from $7,911 to $4,971. A year later, it was $57,332.

Hougan emphasized a key observation about market dynamics during widespread panic. “People smash the sell button for liquid assets during broad-based panics. But from my seat, today’s events play into the long-term story for bitcoin,” he opined.

The Bitwise executive recently shared his bullishness about bitcoin after attending the recent Bitcoin Conference in Nashville, Tennessee. He expressed that the industry is not bullish enough about BTC, given the current market dynamics. He pointed to increasing political support, including Donald Trump’s proposal for a national bitcoin stockpile and various legislative initiatives, as indicators of a potential market shift and significant upside for bitcoin investors. “If the 2024 Bitcoin Conference conveyed anything, it was this: It’s time to rethink what’s possible for bitcoin,” he stressed.

Source: https://news.bitcoin.com/market-panic-bitwise-cio-reflects-on-bitcoins-resilience-amid-market-turmoil/

[_act_]

The last time global capital markets panicked was March 12, 2020, when the reality of Covid set in. Bitcoin’s price fell 37% that day, from $7,911 to $4,971. A year later, it was $57,332.

Do not mind what those people are saying about bitcoin price downtrend because of COVID 19. It was only a coincidence. Also COVID had started to spread some weeks before that time. It has been noticed in China in late 2019. What you will use to know that it is a lie is that bitcoin started to increase back in 2020 also during the COVID 19.

Also no one should tell us that bitcoin is not bullish enough. Bitcoin was less than $1 before but now it is over $55000. Those politicians will use bitcoin to campaign because of their personal gain that they are looking for but bitcoin can do without them as an asst of increasing value.

[cr1776]

The last time global capital markets panicked was March 12, 2020, when the reality of Covid set in. Bitcoin’s price fell 37% that day, from $7,911 to $4,971. A year later, it was $57,332.

Do not mind what those people are saying about bitcoin price downtrend because of COVID 19. It was only a coincidence. Also COVID had started to spread some weeks before that time. It has been noticed in China in late 2019. What you will use to know that it is a lie is that bitcoin started to increase back in 2020 also during the COVID 19.

Also no one should tell us that bitcoin is not bullish enough. Bitcoin was less than $1 before but now it is over $55000. Those politicians will use bitcoin to campaign because of their personal gain that they are looking for but bitcoin can do without them as an asst of increasing value.

I think that they are talking about the panic in March 2020.  People were mentioning coronavirus in late 2019, then more in Jan and Feb 2020.  But it was in March 2020 when Fauci and others advocated for shutting things down.  And that's when the financial markets panicked:  no one had thought that they'd try to shut everything down on the advice of partisans who couldn't follow the science if it hit them on the head and were more than willing to lie (e.g about masks) to obtain and retain power.