Bitwise CIO Matt Hougan told interviewers he sees $1.3 million per BTC by 2035 as a "relatively easy target." He also thinks Bitcoin has a solid shot at reclaiming $100,000 before the end of this year. According to Hougan, institutional money is just starting to flow into crypto, and that could mean huge amounts of new capital entering the market.

Institutional Flows and Portfolio Construction

Hougan estimates that most major investors have close to 0% exposure to crypto today, but he expects that to shift to 1–10% over time. He argues that holding 0% Bitcoin is a mistake, and suggests rethinking the classic 60/40 portfolio split: cut back on bonds and allocate 5–10% to crypto assets.

Top Picks: BTC, SOL, HYPE, UNI

Hougan calls Bitcoin a hedge against fiat debasement. Among L1s, he sees Solana as undervalued and says it’s emerging as a leader in tokenized equities. For Hyperliquid, he thinks a U.S. market launch could be a major catalyst. He also points out that Uniswap’s ~$5B market cap is way too low for a brand with global reach.

Tokenization: The Decade-Long Growth Engine

Hougan describes a "decade-long supercycle" for tokenization: right now, there’s about $300 billion in assets on blockchains versus ~$600 trillion globally. That, he says, creates potential for 2,000x growth. He lists ETH, SOL, HYPE, UNI, AAVE, MORPHO, and other tokenization-linked projects as likely winners from this trend.

Macro Backdrop and L1 Bets

If the U.S. can’t solve its debt problem through economic growth and an AI boom, Hougan thinks inflation could end up devaluing the debt—in that scenario, Bitcoin is, in his words, "the fastest horse." He expects a possible consolidation after the recent rally, but says a new macro catalyst could kick off the next leg up. For L1s, he still likes ETH, but warns against betting on a single winner: he recommends a basket of ETH, SOL, AVAX, and maybe XRP.