Bitwise CIO pushes back on bear market fears, says institutions want Bitcoin’s value as a ‘service’

Bitwise Chief Investment Officer Matt Hougan dismissed fears of a prolonged Bitcoin downturn, asserting that the asset's fundamental value is derived from the 'service' it provides rather than immediate price movements. Despite Bitcoin's recent pullback from its all-time high, Hougan views the drop as temporary. He reframes Bitcoin's worth by defining it as a service for storing wealth digitally without reliance on governments or banks, similar to how Microsoft's stock value is tied to demand for its services. Hougan noted that unlike traditional subscriptions, access to Bitcoin's service requires purchasing the asset itself. He cited growing institutional interest, including from entities like Harvard's endowment and sovereign wealth funds, as evidence of increasing demand for this unique digital service, predicting this demand will grow further in the digital age amid rising government debt.

(Source：The Block)