Bitwise Asset Management’s chief investment officer has named a quartet of digital assets he believes investors should hold through 2026 even as markets remain under pressure, saying the leading tokens offer the clearest paths to long-term growth and institutional adoption. Matt Hougan, whose firm oversees more than $15 billion in crypto-related assets, outlined his choices and reasoning on the “When Shift Happens” podcast and in subsequent commentary as the broader market continues to trade well below peak valuations from 2025. Hougan’s top pick remains Bitcoin, which he describes as the uncontested leader in the stores-of-value category and foundational to the crypto ecosystem. “I have every confidence that Bitcoin will win the digital gold store-of-value monetary asset space,” he said, arguing that the competitive race in this segment is already over. Bitwise holds Bitcoin as the largest position in its flagship crypto index fund, reflecting confidence in its resilience and long-term role in diversified portfolios.
He also assigns a significant, if not dominant, role to Ethereum, the platform that hosts the majority of decentralised finance activity and stablecoin issuance. According to Hougan, Ethereum’s community has increasingly prioritised execution and alignment with long-term investors, strengthening its case as the leading smart contract platform. Solana, another smart contract chain known for high throughput and low fees, also earns a place in Hougan’s core four, with the CIO suggesting that investors should not view support for one platform as mutually exclusive with exposure to the other.
The fourth asset on Hougan’s list is Chainlink, which he frames as critical infrastructure should the tokenisation of traditional financial assets — including equities, bonds and real estate — expand significantly. Oracle networks like Chainlink provide external data feeds to blockchain applications, and Hougan says their importance could grow alongside the broader real-world asset tokenisation trend. He noted that if tokenised markets reach into the tens of trillions of dollars, oracles will be “essential infrastructure,” positioning Chainlink as a potentially overlooked but strategic holding.
Hougan’s picks are rooted in both market structure and macro considerations. He assigns a 10 per cent to 25 per cent probability that the United States government might actively purchase Bitcoin beyond its existing seized holdings, a scenario he says could accelerate price discovery and push valuations sharply higher. That assessment contrasts with the market’s pricing, which currently discounts the likelihood of sovereign buying. Hougan’s view reflects ongoing — if slow-moving — discussions between Bitwise and central banks on digital asset strategy, underscoring institutional interest in crypto beyond retail sentiment.
While emphasising these key assets, Hougan acknowledges the competitive nature of crypto markets outside Bitcoin’s domain. Smart contract platforms and related tokens face an expanding field of challengers, so he recommends a diversified approach rather than reliance on a single speculative bet. His preference for a concentrated basket of four assets reflects a belief that, in a crowded market, clarity around long-term winners matters more than chasing fleeting trends.
Hougan’s broader outlook suggests that the crypto market is at a structural inflection point. He has argued that traditional four-year price cycles — long a reference point for traders — may be losing their predictive power as institutional adoption alters demand dynamics. Lower interest rates, stronger regulatory clarity and the entrance of traditional financial players into crypto allocation could reshape how digital assets behave over the next decade. This backdrop informs his conviction that Bitcoin and its peers are poised for eventual growth even as prices fluctuate.
Critics of concentrated crypto bets note the inherent volatility of digital assets and the risk that valuations can swing violently on macroeconomic cues or regulatory developments. Some analysts caution that smart contract platforms beyond Ethereum and Solana, including emerging chains with unique technical propositions, could capture market share if they deliver on scalability and security promises. Such views highlight the ongoing debate over how to balance conviction in established names with openness to innovation in a rapidly evolving sector.
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Cryptocurrency