Bitwise Asset Management Chief Investment Officer Matt Hougan outlined what he believes will power a new bull cycle in crypto, one he said has the potential to be more durable than the boom-and-bust runs that preceded it.

Bitwise, founded in 2017, is one of the larger crypto-focused asset managers and builds its business around exchange-traded funds and research aimed at financial advisors.

Speaking on a September 9 webinar hosted by financial advisor Ric Edelman, founder of the Digital Assets Council of Financial Professionals (DACFP), Hougan argued that, unlike past cycles driven by a single catalyst, this one is being driven by five forces compounding at once – regulatory tailwinds, institutional adoption, stablecoins and tokenization,…