Bitwise CIO Picks Bitcoin, Ethereum, Solana and Chainlink for Long-Term Growth

Matt Hougan, chief investment officer at Bitwise, says Bitcoin could trade at hundreds of thousands of dollars should conventional portfolios shift a larger share of their holdings into the token and gold.

The case is built on currency debasement, which he links to stablecoins and tokenization in the decade ahead.

Why a Debasement Trade Matters for Bitcoin

A debasement trade involves buying assets expected to hold their value as governments pile up debt and fiat currencies lose purchasing power. Investors use such a strategy to protect savings against inflation and weakening currencies.

Speaking on the New Era Finance Podcast, Hougan put Bitcoin and gold at the center of that strategy. In his view, ordinary stock and bond portfolios are still exposed to fiat-currency risk, and moving a portion into both assets could reduce that risk.

Debasement concerns usually build up slowly, so they can be easy to overlook. Under that view, investors who wait for a sudden crash may already be too late.

Hougan also treats Bitcoin as the strongest risk-adjusted asset in crypto. Rising government debt and spending, the argument goes, reinforce its role as a store of value. If that way of thinking catches on, the CIO believes the price could reach hundreds of thousands of dollars.

Maybe I should be 90/10, right? 90% fiat, 10% hard assets, which is primarily Bitcoin and gold. If that sort of thinking goes mainstream, you could see huge inflows into Bitcoin, and you could see a price measured in multiple hundreds of thousands of dollars.”

This kind of reasoning is why some savers are moving beyond cash and bonds. For them, timing matters less than where their money will hold value over time.

Which Cryptocurrencies Earn a Spot in a Long-Term Portfolio?

Hougan cited Bitcoin, Ethereum, Solana and Chainlink as key assets for exposure to both debasement and tokenization. Hyperliquid could eventually join that set, while Zcash and Venice earned special mentions as well.

Zcash is arguing that privacy should be on the Mount Rushmore. Venice is arguing that sort of real-world AI should be on the Mount Rushmore. They’re DeFi assets that I’m very bullish on. But I still think those, like if you’re making a broad-based play on debasement, that’s Bitcoin, and on tokenization, it’s hard to argue with those four assets not being part of your exposure.”

Traders also keep an eye on how these projects manage revenue and token supply. The CIO says those mechanics may separate long-term winners from the rest.

Stablecoins and tokenization should be judged over several years, not by short-term price swings, Hougan said. He views these two trends as the ones defining the next phase of the crypto market.

Ranking lists, in his view, are a starting point for investors rather than a final verdict on where to put money.