In particular, Bitwise CEO Hunter Horsley has suggested that despite crypto presenting an opportunity to make money any time, the bear market is ideal for building fortunes, he said during an interview with Bloomberg Technology on October 11. Horsley noted that despite the current correction affecting sectors like equities, price movements of assets like Bitcoin (BTC) are borrowing a leaf from a historical trend.
Possible rally in 2024
Interestingly, the executive pointed out that crypto will likely embark on a new cycle in 2024. According to Horsley: It is worth noting that the current market correction has partly been impacted by prevailing macroeconomic factors like inflation and interest rate hikes. In this line, Bitcoin’s status as a hedge against inflation has been tested significantly. The crash comes after the sector attracted an influx of institutional investors whose activities have slowed down significantly. Notably, Horseley had previously observed an increasing demand for cryptocurrencies from institutions compared to retail investors. Watch the full interview below: Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
