Name: $1.3 Million Bitcoin Will Be “Relatively Easy,” Says Bitwise’s Matt Hougan
Uploaded: 2026-09-03T18:24:02+00:00
Duration: 914 s

Speakers

Matt Hougan — CIO, Bitwise Asset Management

Denelle Dixon — CEO & Executive Director, Stellar Development Foundation

Summary

Matt Hougan, Bitwise CIO, says the crypto market flipped from despair to euphoria on Treasury intervention and lays out allocation views: own AI stocks and Bitcoin for debt scenarios, shorten bond duration, and expect Bitcoin to reclaim $100K this year and reach $1.3M by 2035. He sees a decade-long tokenization supercycle and picks Solana, Hyperliquid, Uniswap, Aave, and L1 baskets as beneficiaries. Stellar CEO Denelle Dixon discusses Stellar's $4B tokenized RWA growth and its leadership in tokenized non-US sovereign debt.

Matt Hougan attributes the crypto rally to Bessent's Treasury curve intervention and pent-up buy demand.
He recommends owning both AI stocks and Bitcoin to handle grow-out or inflate-out debt scenarios.
He says 0% Bitcoin is a misallocation and sees $100K possible this year and $1.3M by 2035.
He prefers shortening bond duration to three-month Treasuries and adding crypto risk.
He calls tokenization and real-world assets a decade-long supercycle with a 2,000x growth runway.
He names Solana, Hyperliquid, Uniswap, and Aave as notable tokenization-related picks.
Denelle Dixon highlights Stellar's surge to $4B in tokenized RWAs and leadership in non-US sovereign debt tokenization.

Ideas

Matt Hougan CIO, Bitwise Asset Management 0:00

Bitcoin can hit $1.3M by 2035.

He expects Bitcoin to reclaim $100K this year and reach $1.3M by 2035 because conditions are extremely bullish; crypto has formed a bottom, Wall Street is returning from summer to allocate, and Bitcoin is the fastest horse if governments inflate away the debt load. He also says 0% Bitcoin is a misallocation.

Matt Hougan CIO, Bitwise Asset Management 3:20

Own AI stocks for growth scenario.

In the debt endgame, investors should own both AI stocks and Bitcoin: if Treasury Secretary Bessent is right that AI growth lets the US grow out of its debt, AI stocks win; if he is wrong, governments inflate the debt away and Bitcoin wins. He advises owning both to win either scenario.

Matt Hougan CIO, Bitwise Asset Management 4:23

Shorten bond duration to three-month Treasuries.

He sees investors reducing bond-side risk by shortening duration: instead of owning 10-year Treasuries, own three-month Treasuries and add crypto risk to get return. The traditional 60/40 portfolio is 100% fiat currency, so bond portfolios should avoid long-duration risk.

Matt Hougan CIO, Bitwise Asset Management 4:23

Shorten bond duration to three-month Treasuries.

Denelle Dixon CEO & Executive Director, Stellar Development Foundation 6:46

Stellar leads non-US sovereign debt tokenization.

Stellar's tokenized real-world asset market has surged to nearly $4B and it is number one globally in tokenized non-US sovereign debt. Denelle sees the next leg of growth in private credit, non-US sovereign debt, money market funds and US-backed treasuries, with the opportunity in non-US government debt bigger than most people realize.

Matt Hougan CIO, Bitwise Asset Management 8:22

Zcash fills privacy demand outside institutions.

As Bitcoin becomes institutional, a portion of the market will want something outside the institutional realm. Zcash is filling that privacy demand and is a unique story, making it one of three crypto stories to pay attention to.

Matt Hougan CIO, Bitwise Asset Management 8:39

Tokenization has 2,000x growth runway.

He believes tokenization and real-world assets are a decade-long supercycle: there is about $300B tokenized today versus $600T global assets, a 2,000x growth runway, so anything touching tokenization will have a bid for a long time.

Matt Hougan CIO, Bitwise Asset Management 9:39

Hyperliquid TAM is misunderstood 100x.

Hyperliquid has a catalyst in moving into the US market and is misunderstood: the market sizes it against the $2T crypto market, but it is serving all global assets, a $200T market, so its TAM could be 100x larger and it looks attractive.

Matt Hougan CIO, Bitwise Asset Management 9:52

Uniswap brand too small at $5B.

Uniswap is cleaning up from its Robinhood integration and at roughly $5B market cap is remarkably too small for its global brand; it will integrate extremely well in tokenization.

Matt Hougan CIO, Bitwise Asset Management 10:12

Own L1 basket, not single winner.

He prefers a portfolio bet on layer-1 networks for tokenization rather than picking one winner: he would own ETH, Solana, Avalanche and maybe some XRP. The L1 winner is not 100% clear, and he compares owning a basket to owning Google, Yahoo and Ask Jeeves instead of betting on one during the internet bubble.

Matt Hougan CIO, Bitwise Asset Management 10:24

Aave is pure play tokenization.

Aave is a very specific pure play in tokenization and real-world assets and is doing well; he names it among his top three tokenization bets.

$1.3 Million Bitcoin Will Be “Relatively Easy,” Says Bitwise’s Matt Hougan

Summary

Ideas

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