Bitwise CEO Expects the New Bull Cycle in Crypto Market to 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 show “Bloomberg Technology”.

According to a report by The Daily Hodl, Horsley said:

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

“The historical pattern of crypto with the data we have – 12 years of a journey – is that we get four-year cycles. We get three years of bull markets with growing momentum and then we get a bear market year. So in 2014, the market down almost 60%. 2018 – market down north of 70%. And this year, obviously, 2022, the market down around 60%. The expectation, if the market continues its historical trend, would be that we begin a new cycle next year.“

https://youtube.com/watch?v=Flfr8O62xX4%3Ffeature%3Doembed

On October 4, Bitwise, which claims to be “the world’s leading crypto index fund manager with more than $1.3 billion in assets under management”, announced the launch of the Bitwise Web3 ETF (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 the internet’s development characterized by greater decentralization and individual ownership of data.”

Bitwise CIO Matt Hougan stated:

“Today, many experts believe we’re on the cusp of a major evolution in the core architecture of the internet. Any shift of that magnitude will depend on companies that can provide the services and infrastructure to support it. With the Bitwise Web3 ETF, we’re excited to give investors the opportunity to capture one of the fastest-emerging themes in technology through a diverse mix of companies that we believe will lead the charge.“

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 key themes: Web3 Infrastructure Providers, Web3 Finance, Web3-Enabled Metaverse and Digital Worlds, Web3-Enabled Creator Economy, and Web3 Development and Governance” and that “more than 85% of the portfolio will be invested in companies directly linked to Web3 themes and business activities.”

And the Bitwise CEO had this to say:

“Today’s Web3 companies are not only helping reshape the internet as we know it, but they’re among some of the most disruptive and fastest-growing firms in the world. The Bitwise Web3 ETF seeks to capitalize on this great opportunity by offering investors of innovation a straightforward way to access the space. It also leverages our expertise in crypto—the cornerstone of Web3—as many of these companies are centering their businesses on blockchain technology. We’re looking forward to seeing their anticipated continued growth as the space unfolds.“

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