Bitwise CIO says market overreacted to Trump’s crypto reserve plan

Bitwise Exchange CIO Matt Hougan believes investors are overthinking the market’s reaction to Trump’s U.S. Crypto Strategic Reserve plan, according to The Block. Initially, Bitcoin and other assets surged after Trump announced the proposal, but gains were erased following new tariff announcements and concerns over the inclusion of speculative assets like Cardano. Hougan argued the plan is ultimately bullish, especially if the final reserve focuses mostly on Bitcoin. He expects global competition to accumulate Bitcoin and sees the U.S. holding these assets long-term, similar to its gold reserves. While the reserve plan may evolve or face opposition, Hougan believes the core message recognizing Bitcoin as a strategic asset is a long-term positive for the crypto market.