Bitwise CIO Matt Hougan Says Crypto Needs ‘Another Story’ As Memecoin Narrative Fizzles Out
The chief funding officer of crypto asset administration agency Bitwise says the trade wants a brand new promoting level now that memecoins are dropping mindshare.
In a brand new interview with crypto influencer Scott Melker, Bitwise CIO Matt Hougan says that North korean hacking group Lazarus trying to launder funds from the Bybit hack by means of memecoin platform pump.enjoyable was not search for the asset class.
“The killer piece there was that [Lazarus] tried to launder the funds…
I feel that spells the form of existential dying of the meme coin craze. You probably have MELANIA and you’ve got LIBRA after which you’ve got it getting used as a laundering facility, even on this permissive regulatory setting, persons are not going to look favorably on North hackers discovering a technique to launder stolen [funds]. That’s not going to do effectively so I feel there’s going to be actual stress on the memecoin area. I feel that’s why you’ve seen Solana pull again a lot and form of lead us down this path.
Lazarus Group stole almost $1.5 billion price of Ethereum (ETH) and Lido Staked Ether (stETH) from Bybit final week. Based on Hougan, crypto buyers now want a brand new narrative to rally round, probably in decentralized finance (DeFi) or stablecoins.
“Outdoors of Bitcoin, the one actual story that was form of current and simply felt over the past six months [and] was constructive was the memecoin story. It was injecting capital into the market, it was injecting vitality into the market, and I feel persons are driving that successfully to zero proper now and in consequence, we’d like one other story exterior of Bitcoin.
I feel these tales exist, I feel you possibly can see inexperienced shoots in DeFi (decentralized finance),I feel you possibly can see inexperienced shoots in stablecoin development, however they aren’t as current and as vibrant as meme=cash and I feel the trio of Melania, Libra, and Lazarus by means of Bybit simply means the story is principally over.”
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Examine Value Motion
Observe us on X, Facebook and Telegram
Surf The Every day Hodl Combine
Generated Picture: Midjourney
