The Milk Road Show Bitwise’s Bull Case: Why Crypto Fundamentals Are Stronger Than Ever w/ Matt Hougan & Ryan Rasmussen
Feb 26, 2026
Matt Hougan, CIO at Bitwise and ETF and tokenization specialist, and Ryan Rasmussen, institutional portfolio manager focused on macro and stablecoins, discuss why institutions are turning bullish. They explore tokenization’s huge market potential. They dig into stablecoins reshaping payments and why price can lag strong fundamentals. They also cover regulatory moves and prediction-market product plans.
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Fundamentals Are Stronger Than Prices Suggest
- Crypto fundamentals and narratives are diverging from price, creating a large opportunity gap.
- Matt Hougan and Ryan Rasmussen say adoption, tokenization, stablecoins, and institutional interest are strong while prices stay depressed.
Buy Where Sentiment Ignores Real Progress
- Look for behavioral mispricing where headlines cause investors to anchor on risk and ignore fundamentals.
- Matt Hougan recommends buying when sentiment is overly bearish because the gap between perception and reality creates alpha.
Tokenization Can Scale Far Beyond Current RWAs
- Tokenization is an enormous addressable market relative to today's ~$20 billion of RWAs.
- Matt Hougan points out stocks, bonds, and real estate amount to hundreds of trillions, implying tokenization could grow many thousands of times.