The Milk Road Show “We Kept Messing It Up”: Crypto Should Be WAY Higher w/ Matt Hougan & Ryan Rasmussen
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May 5, 2026 
Ryan Rasmussen, an institutional strategist at Bitwise who advises large allocators, and Matt Hougan, Bitwise CIO known for institutional crypto research, unpack market structure and adoption. They debate whether Bitcoin’s rally is real and what must change for a broader bull market. They dig into stablecoin adoption, institutional indexing and yield strategies, Chainlink’s infrastructure role, and how crypto ties into AI and other megatrends.
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$60k Feels Like The End Of Winter For Bitcoin
- Bitcoin appears to have found a structural base around $60k and is trading in a 60–80k channel, with a breakout dependent on macro risk and the Clarity Act.
- Matt Hougan says sustained move above 80k requires risk assets to hold and regulatory clarity to improve.
Crypto Is Part Of Much Bigger Megatrends
- Crypto sits inside multiple gigantic megatrends like reinventing money, intelligence, health, defense, and space, making its long-term market enormous.
- Matt Hougan argues these combined trends mean crypto's uptrend is big enough to overcome repeated short-term setbacks.
Own Multiple Megatrends Instead Of Timing Rotations
- Diversify across secular winners instead of trying to time the single best theme; own AI, crypto, space, etc., because cycles rotate.
- Matt Hougan recommends owning multiple large secular trends if you can't time rotations precisely.