The Case for Bitcoin at $1.3 Million (ft. Matt Hougan, Bitwise CEO)

Bitcoin got cut in half from its highs, and Matt Hougan, CEO of Bitwise, thinks that's exactly the wrong time to be bearish. He lays out why he believes the bottom is likely in and where this asset goes over the next decade. He joins Gav to explain the one signal he trusts most for spotting a bottom, why bad news no longer moving the price means sellers are exhausted, the macro case tied to $40 trillion in debt, and the math behind Bitwise's base case that Bitcoin reaches $1.3 million by 2035. Plus how he thinks about ETFs versus cold storage, the leverage reset in names like MicroStrategy, and where Ethereum fits in. Subscribe to our FREE Newsletter: https://marketmadness-newsletter.beehiiv.com/ ▶ Follow Matt Hougan: X: https://x.com/Matt_Hougan X: https://x.com/Bitwise Bitwise: bitwiseinvestments.com ▶ Follow WOLF Financial: X: https://x.com/WOLF_Financial X: https://x.com/TheETFTracker This content is for informational purposes only and does not constitute investment advice. The guest is the CEO of Bitwise and discusses Bitwise products; his views are his own and do not necessarily reflect those of WOLF Financial. Investing involves risk, including the possible loss of principal. Cryptocurrency is highly volatile and you could lose your entire investment. Price targets are forecasts, not guarantees. Past performance is not indicative of future results. 00:00 Intro: Bitcoin after a brutal drawdown 00:34 The one signal that says a bottom is near 02:00 The momentum and on-chain indicators he watches 04:00 The base case: why he sees $1.3 million by 2035 06:00 ETFs vs cold storage: how to actually hold Bitcoin 10:00 The leverage reset in MicroStrategy and STRC 14:00 Is the bottom in? The better question to ask 18:00 Why Bitcoin moves in phase jumps (100k, 250k, 500k) 22:00 Where Ethereum fits (and why it's harder to forecast) 26:00 Final thoughts: never been more excited