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The Chief Investment Officer of the cryptocurrency asset management firm Bitwise, Matt Hougan, stated that Bitcoin is currently in its “teenage” stage of development—an intermediate phase between being a speculative asset and a global store of value.
According to Hougan, in 2009, the first cryptocurrency was in the “newborn” stage and was perceived by the market solely as a speculative asset.
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“Bitcoin is an emerging store of value. One cannot expect it to instantly mature into an asset as established as gold. In the future, when Bitcoin is held on the balance sheets of central banks and becomes as commonplace as gold, the speculative aspect will diminish to zero,” the analyst believes.
He emphasized that the transition to such a status will inevitably involve intermediate stages, including periods of decline and stagnation. Investors must acknowledge that Bitcoin is undergoing a “teenage” phase if they view it as an independent digital store of value.
Hougan added that the integration of Bitcoin into the global financial system will occur gradually—through an expanding base of holders and increased institutional participation, rather than through short-term hype. In the long run, the critical issue will not be price growth, but Bitcoin’s share in the global financial architecture, according to the Bitwise executive.
Previously, Hougan mentioned that the cryptocurrency market could emerge from the bearish trend with the development of the decentralized finance (DeFi) sector.
