Bitwise: Bitcoin Is Actually Two Bets in One… And Its Biggest Rally Hasn’t Started Yet

Watch on YouTube ↗  |  April 22, 2026 at 18:45  |  36:14  |  Milk Road Macro
Speakers
Matt Hougan — CIO, Bitwise Asset Management
Ryan Rasmussen — Head of Research, Bitwise

Summary

Matt Hougan and Ryan Rasmussen from Bitwise discuss the crypto market outlook, highlighting Bitcoin's dual thesis as digital gold and a future settlement asset. They also cover the growth of tokenized real-world assets (RWA) and the potential for a new alt season driven by AI tokens and a new token framework. Additionally, they explain the case for Avalanche and the launch of an Avalanche ETF.

  • Bitcoin is seen as two bets in one: digital gold and a future global settlement asset, with recent geopolitical events increasing its value.
  • Tokenization of real-world assets (RWA) has grown from $2B in 2024 to nearly $30B, with potential to tap into a $600T market.
  • AI capabilities combined with a new token framework could drive an alt season in 2026, leading to innovative token projects.
  • Avalanche is highlighted for its unique architecture and rapid growth in RWA, leading to the launch of an Avalanche ETF.
  • The overall crypto market is optimistic, with Bitcoin holding strong after tax day and geopolitical events.
  • Bitwise is expanding its product offerings, including vaults, which are seen as the next evolution after ETFs.
Trade Ideas
Ryan Rasmussen Head of Research, Bitwise 6:52
Tokenization of real-world assets is early and growing.
Tokenization of real-world assets is growing rapidly, from $2 billion in 2024 to nearly $30 billion now, and is still early compared to the $600 trillion of global assets. The categories are broadening beyond treasuries and gold to include asset-backed credit, commodities, real estate, venture capital, etc. This trend is expected to continue and accelerate.
RWA HIGH
Matt Hougan CIO, Bitwise Asset Management 13:41
Bitcoin is digital gold and a future settlement asset.
Bitcoin is two bets in one: a store of value (digital gold) and a future global settlement asset (apolitical currency). The recent geopolitical conflict (Iran) has increased the volatility of the global monetary order, making the call option on Bitcoin as a settlement asset more valuable, increasing its probability and thus its value. This could lead to Bitcoin reaching $1.3 million by 2035, and possibly more.
BTC HIGH
Matt Hougan CIO, Bitwise Asset Management 22:34
AI and token framework will drive alt season.
The combination of regulatory compliance (new token framework), highly performant blockchains, and more capable AI will lead to a new wave of innovative token projects, similar to an ICO boom but with more legitimate projects. This will create opportunities in AI tokens and token projects.
AI tokens MED
Matt Hougan CIO, Bitwise Asset Management 33:57
Avalanche has unique architecture and RWA traction.
Avalanche has a unique architecture (customizable L1s for corporations) and is showing real traction in real-world assets (RWA on Avalanche up almost 1000% year-over-year). It is one of the few L1s with a differentiated architecture and real-world traction, making it a legitimate shot in the growing L1 space.
AVAX HIGH
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This Milk Road Macro video, published April 22, 2026, features Ryan Rasmussen, Matt Hougan discussing RWA, BTC, AI tokens, AVAX. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Ryan Rasmussen, Matt Hougan  · Tickers: RWA, BTC, AI tokens, AVAX