Bitwise CEO predicts a new bull cycle in the crypto market will start in 2023

Bitwise CEO predicts a new bull cycle in the crypto market will 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 October 10 during a conversation with Emily Chang on Bloomberg Television’s daily “Bloomberg Technology.”

according to Report Written by Daily Hoddle, Horsley said:

Crypto is down 60%, or thereabouts – it’s changing every day. So this year’s story is definitely a bear market. However, we have noticed a growing interest from our client base. And I think the background for many crypto investors is that there have been four-year cycles historically, and while there are opportunities to make money in many of the moments in the crypto market, bear markets are the moments where fortunes can be made. So there are some who are putting themselves in the current bear market and are coming into space now...

The historical pattern of cryptocurrencies with the data that we have – 12 years of journey – is that we get four-year cycles. We get three years of bull markets with increasing momentum and then we get a year of a bear market. So in 2014, the market fell by about 60%. 2018 – Market decline north of 70%. And this year, obviously, 2022, the market is down about 60%. It is expected that, if the market continues its historical trend, we will start a new cycle next year.

On October 4, Bitwise, which claims to be “the world’s leading crypto fund manager with more than $1.3 billion in assets under management”, announce release Bitwise Web3 ETF (Stock ticker: BWEB, which uses a strategy that “gives investors access to companies well positioned to benefit from the emergence of Web3, a term used to describe the next wave of Internet development characterized by greater decentralization and individual data ownership.”)

Matt Hogan, CIO at Bitwise stated:

Today, many experts believe that we are on the cusp of a major development in the infrastructure of the Internet. Any transformation of this magnitude will depend on which companies can provide the services and infrastructure to support them. With the Bitwise Web3 ETF, we are excited to give investors the opportunity to capture one of the fastest emerging topics 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 main themes: Web3 Infrastructure Providers, Web3 Finance, Web3-Enabled Metaverse, Digital Worlds, Web3-Enabled Creator Economy, Web3 Development and Governance.” and that “More than 85% of the portfolio will be invested in companies directly related to Web3 topics and business activities.”

And this was what the CEO of Bitwise had to say:

Today’s Web3 companies are not only helping to reshape the Internet as we know it, but they are among the most disruptive and fastest growing in the world. The Bitwise Web3 ETF seeks to capitalize on this great opportunity by offering a straightforward way for innovative investors to gain access to the space. They also benefit from our expertise in cryptography – a cornerstone of Web3 – as many of these companies focus their businesses on blockchain technology. We look forward to seeing their expected continued growth as the space expands.

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