Bitwise CIO Sees $1 Million Bitcoin, Slower Bull Run as Stablecoins Hit $322 Billion
Updated
Updated · CoinDesk · Jun 17
Bitwise CIO Sees $1 Million Bitcoin, Slower Bull Run as Stablecoins Hit $322 Billion
2 articles · Updated · CoinDesk · Jun 17
Summary
Matt Hougan said crypto’s next bull market is likely to be slower and less volatile, with Wall Street money taking longer to return to pure digital assets.
Bitcoin is down 26% this year and still about 50% below its October record, while the broader CoinDesk 20 Index has fallen 34%, reinforcing his view that any recovery may lag trader expectations.
Stablecoins and tokenization are attracting investors as more tangible use cases; stablecoins’ combined market value recently reached a record $322 billion, and Citi projects it could climb to $4 trillion by 2030.
Institutional appetite has not disappeared: Hougan said RIA and adviser interest in bitcoin is as high as ever and reiterated a long-term call for bitcoin to top $1 million within 10 years.
Trading data show that shift in focus already reshaping the market, with May exchange volumes down 3.45% to $4.41 trillion even as RWA perpetual futures volumes rose 10.4% to a record.