PANews March 11, according to DL News, although Bitcoin has suffered a heavy blow recently, Bitwise Chief Investment Officer Matt Hougan said that this decline is just a small episode before Bitcoin's valuation soars to $10 trillion to $50 trillion. "If it is not so volatile, it will become a footnote in history, fluctuating only below $150,000 and supported only by a small group of libertarians, cypherpunks and speculators," Hougan wrote in a report on Monday. In short: "Bitcoin is either globally important or worthless." Hougan made this prediction at a time when Bitcoin, other cryptocurrencies and the wider world market are being hit by multiple factors such as Donald Trump's escalating trade war, disappointing performance, scandals, hacker attacks and the threat of a US recession.

Traders reacted flatly, seemingly disappointed that Trump had not announced a large-scale Bitcoin purchase. Bitcoin and cryptocurrency markets continued to fall over the weekend. But in Hougan's view, this reaction missed the point. To him, "the strategic reserve is a big step forward, and the market's disappointment is ridiculous." He pointed out that the executive order clearly stated that the U.S. Secretary of the Treasury and the Secretary of Commerce "shall develop a strategy" to purchase Bitcoin for the reserve. "Note that the order says 'shall', not 'may' or 'may', and the words used in official statements are carefully chosen," Hougan wrote.