Bitwise CIO Matt Hougan says Bitcoin could reach hundreds of thousands of dollars if traditional portfolios shift more of their allocations toward it and gold.
The case rests on currency debasement, which he links to stablecoins and tokenization over the next decade.
What a Debasement Trade Means for Bitcoin
A debasement trade buys assets expected to hold value as governments expand debt and fiat currencies lose purchasing power. Investors use it to protect savings from inflation and weaker currencies.
Speaking at the New Era Finance Podcast, Hougan sees Bitcoin and gold as the core of that strategy. Traditional stock and bond portfolios remain exposed to fiat currency risk. Moving part of them into both assets could reduce that exposure.
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Debasement concerns usually build slowly, which makes them easy to overlook. According to that view, investors who wait for a sudden crash may already be late.
Bitwise’s CIO also treats Bitcoin as the strongest risk-adjusted asset in crypto. Rising government debt and spending, the argument goes, strengthen its role as a store of value. If that thinking goes mainstream, the executive 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.”
That logic explains why some savers look beyond cash and bonds. For them, the question is less about timing and more about where their money will hold value over time.
Which Crypto Deserve a Place in a Long-Term Portfolio?
Hougan points to Bitcoin, Ethereum, Solana, and Chainlink as key assets for exposure to debasement and tokenization. Hyperliquid could join that group, while Zcash and Venice also earn special mention.
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 watch how these projects handle revenue and token supply. The executive suggests those mechanics may separate long-term winners from the rest.
Stablecoins and tokenization should be judged over several years, not through short-term price swings. Bitwise’s CIO sees these two trends defining the next phase of the crypto market.
Investors should treat ranking lists as a starting point, not a final verdict on where to put money.
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