The halving event for Bitcoin (BTC) is seen as a bullish catalyst by the chief investment officer of Bitwise, a crypto fund manager. In an interview with CNBC Squawk Box, Matt Hougan explains that the halving on April 19th, which reduces miners’ rewards by half, could lead to a significant rally based on historical patterns. However, he notes that these bullish effects are likely to be felt in the long term rather than immediately. Hougan believes that the reduction in new Bitcoin supply entering the market, which amounts to $11 billion annually, will ultimately have a positive impact on its price. He also suggests that spot Bitcoin exchange-traded funds (ETFs) will contribute to increased liquidity and boost the value of the digital asset. Hougan points out that ETFs allow professional investors, such as endowments and family offices, to access the market more easily compared to using apps. He describes the current situation as an exciting setup for the year ahead, with Bitcoin experiencing both a demand shock from the ETF launch and a supply shock from the halving occurring simultaneously. As of now, Bitcoin is trading at $63,862, showing a slight increase in the past 24 hours.
