Hero's Image

Crypto’s new regime: Our 2024 investment themes

Notes from the CIO

On Monday, Hashdex will release our 2024 Crypto Investment Outlook. We’re excited to share the full report with our investors, but are also using this opportunity to reflect on 2023.  

It’s been quite a year for crypto investors. Bitcoin’s investment thesis was tested during a US bank crisis, ongoing economic uncertainty, and geopolitical stress. In each instance, the world’s first cryptocurrency demonstrated its value, giving investors additional proof points supporting its long-term investment case.  

The crypto winter slowly thawed throughout the year and commitments to this asset class from BlackRock and other massive asset managers underscored the acceleration of crypto adoption and acceptance. And crypto has now become more important to the global economy than at any point in its history. In other words, crypto is experiencing a regime shift. 

We continue to believe that the asset class is presenting a generational investment opportunity as more institutions enter the space and network effects lead to exponential growth. This opportunity, we believe, will not linger for long as bitcoin and other crypto assets become more common in institutional portfolios through spot crypto ETFs.  

It’s with this lens that we are looking ahead to 2024. So, to help investors understand the current opportunity, we’ve identified three broad themes for the new year:  


  1. Crypto enters the ocean of “TradFi.”
    Large investors and corporations are adopting crypto at an enhanced pace, aligning with market conditions for an “institutional phase” as crypto becomes increasingly integrated with traditional financial systems.


  1. The industry harnesses technological advances.
    The underlying technologies driving the use of major crypto assets continue to develop and advance, helping scale networks and potentially reach billions of new users.


  1. Crypto benefits from macro tailwinds.
    A spot bitcoin ETF will greatly broaden investors’ acceptance of this asset class and create new product innovation, supported by favorable market conditions, regulatory clarity, and the forthcoming halving. 


In our 2024 Outlook our team will share their perspectives on how exactly these themes will take shape in the coming months. As I noted in my previous Notes from the CIO, we believe “the bulls are back in town” and crypto’s winter is fully in the rearview mirror. 

This shift in sentiment is something we’ve been hearing directly from our clients. I spent last week traveling across Europe and was reassured by many of my conversations that this is indeed the case. Investors—many that may have been unable or unwilling to invest in crypto—are now on the verge of making first-time allocations. In particular, what I'm hearing from even the more conservative wealth managers is that the combination of the Bitcoin halving, US ETFs being approved, and improvement in macro conditions is making a strategic allocation to bitcoin impossible to ignore. 

On the second point—the approval of spot ETFs in the US—I think the impact of this is much broader than most people appreciate. There's a significant second-order effect for wealth managers across the world that have in the past viewed crypto as an asset class with too much reputational risk to consider recommending it to clients. My conversations in Europe last week were a sign that when the SEC approves crypto ETFs, this perception of reputational risk will vanish and even the most conservative financial institutions will start considering an allocation.

The current energy and optimism for this asset class is very real, and very different from previous cycles because of the institutional acceptance. For this reason and many others, we are bullish on crypto in 2024 and are excited to continue to provide investors around the world access to this generational investment opportunity in the new year.



This material expresses Hashdex Asset Management Ltd. and its subsidiaries and affiliates (“Hashdex”)'s opinion for informational purposes only and does not consider the investment objectives, financial situation or individual needs of one or a particular group of investors. We recommend consulting specialized professionals for investment decisions. Investors are advised to carefully read the prospectus or regulations before investing their funds. The information and conclusions contained in this material may be changed at any time, without prior notice. Nothing contained herein constitutes an offer, solicitation or recommendation regarding any investment management product or service. This information is not directed at or intended for distribution to or use by any person or entity located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Hashdex to any registration or licensing requirements within such jurisdiction. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Hashdex. By receiving or reviewing this material, you agree that this material is confidential intellectual property of Hashdex and that you will not directly or indirectly copy, modify, recast, publish or redistribute this material and the information therein, in whole or in part, or otherwise make any commercial use of this material without Hashdex’s prior written consent. 

Investment in any investment vehicle and cryptoassets is highly speculative and is not intended as a complete investment program. It is designed only for sophisticated persons who can bear the economic risk of the loss of their entire investment and who have limited need for liquidity in their investment. There can be no assurance that the investment vehicles will achieve its investment objective or return any capital. No guarantee or representation is made that Hashdex’s investment strategy, including, without limitation, its business and investment objectives, diversification strategies or risk monitoring goals, will be successful, and investment results may vary substantially over time. Nothing herein is intended to imply that the Hashdex s investment methodology or that investing any of the protocols or tokens listed in the Information may be considered “conservative,” “safe,” “risk free,” or “risk averse.”

Certain information contained herein (including financial information) has been obtained from published and non-published sources. Such information has not been independently verified by Hashdex, and Hashdex does not assume responsibility for the accuracy of such information. Hashdex does not provide tax, accounting or legal advice. Certain information contained herein constitutes forward-looking statements, which can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue”  “believe” (or the negatives thereof) or other variations thereof. Due to various risks and uncertainties, including those discussed above, actual events or results, the ultimate business or activities of Hashdex and its investment vehicles or the actual performance of Hashdex, its investment vehicles, or digital tokens may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward- looking statements in making their investment decisions. None of the information contained herein has been filed with the U.S. Securities and Exchange Commission or any other governmental or self-regulatory authority. No governmental authority has opined on the merits of Hashdex’s investment vehicles or the adequacy of the information contained herein.

Logo Hashdex
The material contained on this website is for informational purposes only and Hashdex, and its affiliates, is not soliciting any action based upon such material. The material is not to be construed as investment advice nor is it to be construed as recommendation, offer or solicitation to buy or sell any financial instrument or product or to adopt any investment strategy. Further, the material contained on this website does not constitute a representation that the financial instruments described therein are suitable or appropriate for any person. Past performance is not an indication of any future performance. This website may contain advertising of financial products.