Bitwise CIO: This bear market is different and more promising than past cycles

Matt Hougan, Chief Investment Officer (CIO) at Bitwise, has argued that the current bear market is fundamentally different from previous downturns. He stated that anyone who believes this period is worse than 2018 or 2022 must not remember what those times were like. Hougan recalled that in 2018, Bitcoin was at $3,000 and, despite being billed as a "global computer," had no real applications and clear throughput limitations. In 2022, he added, the entire market collapsed while facing regulators who were trying to stifle the industry. By contrast, he noted the current environment is much more robust. Hougan pointed to a stablecoin market cap approaching $3 trillion, a tokenization market nearing $200 trillion, and a more favorable regulatory landscape. He also highlighted that major firms like BlackRock and Apollo are building DeFi-based ecosystems, infrastructure has expanded, and ETFs have been launched, all amid growing anxiety about fiat currencies. While acknowledging the road ahead will not be smooth, Hougan emphasized that he is very excited for the journey to come.