Bitwise investment chief Matt Hougan says Trump’s crypto reserve announcement should be seen as bullish and that the market is “misreading things.”
Despite including several large-market cap altcoins, US President Donald Trump’s planned crypto reserve will eventually be made up almost “entirely of Bitcoin,” says Bitwise chief investment officer Matt Hougan.
“Market participants have soured on the announcement because the proposed reserve holds more than Bitcoin,” Hougan explained in a March 5 market note. “The inclusion of small-cap assets in the announcement unnecessarily complicated matters.”
On March 2, Trump initially said the stash would include Solana (SOL), XRP (XRP) and Cardano (ADA), later adding that Bitcoin (BTC) and Ether (ETH) would be “the heart” of the reserve. Hougan said:
