Gold’s surge above $5,000 and Clarity Act limbo frame contrasting futures for crypto markets, Bitwise CIO says

Bitwise Chief Investment Officer Matt Hougan contends that the rapid surge in gold prices, which has surpassed $5,000 per troy ounce due to declining trust in sovereign stores of value, and the unresolved status of the U.S. Clarity Act are shaping two distinct potential futures for digital assets. The gold rally reflects a broader institutional distrust in traditional finance exacerbated by geopolitical events. Simultaneously, uncertainty around the Clarity Act, whose passage odds have dropped, presents two paths for crypto: if passed, it could trigger a sharp rally based on assured growth in stablecoins and tokenization; if it fails, the market will enter a three-year period where growth depends solely on demonstrated real-world adoption, leading to a slower ascent. Hougan remains optimistic but cautions that the market is at an inflection point determined by either regulatory certainty or proven utility.

(Source：The Block)