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John Gillen speaks with Bitwise CIO Matt Hougan about why major wealth managers, asset managers, and exchanges continue moving toward crypto despite a market decline and uncertainty around the Clarity Act. Hougan argues that SEC rulemaking could advance tokenized stocks even without legislation, while demand for global, round-the-clock markets gives Wall Street a strong incentive to put assets on-chain.
Hougan views Bitcoin’s low volatility and muted response to bad news as possible signs of a durable bottom, though not a guarantee. He explains the trade-off between buying immediately and dollar-cost averaging, and outlines why Bitwise’s historical analysis points to a 1% to 5% crypto allocation for diversified investors concerned about behavioral risk.
The discussion also covers stablecoins, on-chain portfolios, DeFi protocols, and the investment case for Ethereum and other crypto networks. Hougan sees substantial upside for projects that retain market share and generate real revenue, but cautions that not every blockchain or token will succeed as competition reshapes the field.
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