Bitwise CIO: Crypto may be undervalued as Wall Street goes on-chain

Bitwise Chief Investment Officer (CIO) Matt Hougan has argued that crypto assets may be structurally undervalued because investor perception has not kept pace with Wall Street's accelerating adoption of on-chain financial infrastructure. The Block reported that in a client memo, Hougan stated that investors are underestimating market changes because they remain fixated on past events like the Silk Road marketplace and the collapse of Mt. Gox. He highlighted that Wall Street is already rapidly adopting on-chain infrastructure, citing examples such as BlackRock's launch of a tokenized Treasury fund and its investment in Uniswap, Apollo's tokenization of a credit fund, and JPMorgan's issuance of a deposit token on the Ethereum L2 Base. Hougan also noted that the tokenized asset market has grown to $20 billion and has significant potential for growth.