Bitwise’s Matt Hougan said Strategy's STRC offer of high yields and low volatility was always a questionable fit for buying Bitcoin, as the cryptocurrency offers neither.
Strategy’s era as the dominant Bitcoin buyer may have come to an end following last week’s STRC turmoil, which cast doubt on the company’s Bitcoin-buying strategy and sent the cryptocurrency to a nearly two-year low, according to Bitwise chief investment officer Matt Hougan.
“For years, Strategy has been the most dominant Bitcoin buyer in the world and a one-way source of Bitcoin demand. Those days are likely over,” Hougan said Thursday.&
“I just expect it to be a less important figure in Bitcoin in the next cycle than it was in the last,” Hougan said, adding that investment banks, asset managers, pensions, endowments and sovereign wealth funds will likely replace Strategy as Bitcoin’s primary demand driver.
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