Bitwise‘s Chief Investment Officer Matt Hougan sees Bitcoin BTC/USD well-positioned for the future, citing several political developments as fundamentally bullish factors.
What Happened: Speaking at the Blockworks Digital Asset Summit in New York on Thursday, Hougan argued that current macroeconomic conditions are reinforcing Bitcoin’s long-term investment case while applying short-term pressure on its price.
He described this moment as “the single best time in history to buy Bitcoin from a risk-adjusted perspective.”
Hougan’s Bitcoin valuation model accounts for both long-term price targets and discount rates.
According to Hougan, “the macro environment is strengthening Bitcoin’s long-term case,” citing “economic instability and government intervention” that fuel bullish long-term targets for Bitcoin.
Hougan also praised the U.S. Strategic Bitcoin Reserve proposal, claiming it eliminates one of Bitcoin’s biggest risks—government prohibition.
“Once governments start acquiring Bitcoin, they won’t ban it,” Hougan concluded.
What’s Next: Hougan called stablecoins a “gift from the gods” to the U.S. Treasury, predicting they could generate $1 trillion in new demand for U.S. short-term debt at a time when traditional buyers are pulling back.
He expects stablecoin legislation to pass with bipartisan support, as it strengthens U.S. dollar dominance.
Ethereum & L1 Blockchains: He believes Ethereum and other L1s are “overbuilt” relative to current demand due to regulatory constraints. If those barriers are lifted, a faster-than-expected bull run could follow.
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