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- Bitcoin\u2019s value has risen over 400% between 2020 and 2024<\/li>\n
- Solana has increased in value by nearly 4,500% from $1.49 to around $166 in four years<\/li>\n
- This trajectory of positivity will continue beyond the 2024 US elections, according to Matt Hougan<\/li>\n<\/ul>\n
Bitwise\u2019s CIO has said while Washington can alter the trajectory of the crypto market by speeding things up or slowing them down, it can\u2019t stop it.<\/p>\n
In his latest client memo<\/a>, Matt Hougan wrote about crypto in an election year, claiming that crypto has already won, regardless of who becomes the next President of the United States.<\/p>\n
Comparing the state of the crypto market from November 2020 to November 2024, Hougan questioned whether things are better or worse since the last time Americans went to the polls.<\/p>\n
Despite several lawsuits from the US Securities and Exchange Commission (SEC<\/a>) \u2013 notably against Binance, Coinbase<\/a>, Cumberland DRW<\/a>, Kraken<\/a>, and Ripple<\/a> \u2013 the crypto industry has made significant progress.<\/p>\n
A four-year difference<\/h2>\n
Looking between the two US elections, Hougan points out that Bitcoin was trading at $13,677 in November 2020. Fast-forward to November 2024 and Bitcoin is valued at around $69,492, indicating a 408% change.<\/p>\n
Ethereum has also seen a positive increase from its humble $388 in 2020 to its now $2,492 in the runup to the 2024 US election<\/a>. However, it\u2019s Solana<\/a> that has seen a major increase in price rising nearly 11,000% from $1.49 in 2020 to around $166 in 2024.<\/p>\n
Turning to assets under management (AUM), Hougan shows that stablecoin<\/a> AUM rose from $3.87 billion in November 2020 to $177.83 billion in November 2024, representing a near 4,500% change.<\/p>\n
Decentralized finance (DeFi<\/a>) total value locked (TVL) also experienced a healthy boost, jumping from $9.57 billion in 2020 to $139.3 billion in 2024.<\/p>\n
\u201cWe focus so much in crypto on the moment-by-moment movement of prices that we often lose sight of the long-term trends,\u201d Hougan wrote. \u201cThe presidential election provides a nice opportunity to step back and see how far we\u2019ve come.\u201d<\/p>\n
What next?<\/h2>\n
So much has already happened in the crypto market over four years, but will that continue as the market goes beyond the 2024 US election?<\/p>\n
In Hougan\u2019s view, the answer is yes. Regardless of who becomes the next POTUS, Hougan said \u2013 among other things \u2013 that spot crypto exchange-traded funds (ETFs<\/a>) inflows will continue, stablecoins will continue to grow, Wall Street will continue to embrace tokenization and real-world assets, blockchains will get faster and cheaper, and real-world applications such as Polymarket<\/a> will gain mainstream adoption.<\/p>\n
\u201cWhat happens in Tuesday\u2019s election matters, particularly in the short term,\u201d said Hougan. \u201cBut as I see it, over the long term Tuesday will prove to be something between a speed bump and a wind gust. Neither is going to stop this train.\u201d<\/p>\n