Hougan responded to worries about the volatility of Bitcoin's price in a note emailed to financial professionals. The CEO thinks that the best course of action is to "keep calm and take the long view" because the asset is worth between $60k and $70k.

Notwithstanding the transient swings, Hougan outlined a number of significant upcoming occasions. These include the halving of Bitcoin and the possible acceptance of spot Bitcoin exchange-traded funds (ETFs) by large exchanges such as Wells Fargo or Morgan Stanley.

Prior to making a commitment to Bitcoin investments, Hougan underlined the need of the continuous due diligence procedures carried out by consultants and investment committees.

He said that Bitcoin's price can swing laterally in reaction to slight changes in public opinion as we wait for these developments. Hougan, however, remains upbeat about Bitcoin's future, pointing to a healthy bull market that has seen a gain of around 300% in the last 15 months and solid grounds for further expansion.

Investment professionals gained major access to the cryptocurrency market when spot Bitcoin ETFs were approved in January. Hougan thinks that this is the start of attention from experts who handle trillions of dollars; this will take years to complete.

He also emphasized the $12 billion in inflows that ETFs have had since their inception, referring to it as the most prosperous ETF debut. However, he believes that even 1% of global wealth managers' portfolios allocated to Bitcoin may result in $1 trillion in inflows, rendering the initial $12 billion insignificant.

Hougan stated earlier in March that if spot Ethereum ETFs were introduced after May, they may draw in additional assets.

Hougan calculated that Wall Street needs eight to nine months to become used to Bitcoin before thinking about launching another ETF.