Bankless 10 Crypto Predictions for 2026: $1M BTC, Wall Street Onchain & ETF Takeover | Matt Hougan & Ryan Rasmussen from Bitwise
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Dec 16, 2025 
Matt Hougan, Chief Investment Officer at Bitwise, and Ryan Rasmussen, DeFi analyst, share their bold predictions for the crypto landscape by 2026. They discuss the possibility of Bitcoin hitting $1M and explore the fading relevance of the four-year cycle. The duo also anticipates ETFs consuming over 100% of new crypto supply, the rise of crypto equities over tech stocks, and on-chain vaults revolutionizing asset management. Plus, they highlight stablecoins as potential scapegoats for economic woes and the imminent impact of the Clarity Act on ETH and SOL.
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Prediction Markets Could Rebound Big
- Prediction markets like Polymarket can exceed prior election-era open interest as U.S. access expands.
- Matt Hougan highlights U.S. market entry, new categories, and 2026 events as demand catalysts.
Stablecoins May Be Scapegoated
- Stablecoins will be politically blamed by some emerging-market governments for currency instability and capital flight.
- Matt Hougan warns bans may be attempted but likely fail and the real issue is poor domestic currency management.
Vaults Are ETFs 2.0
- On-chain vaults (ETFs 2.0) grew rapidly and should double AUM as professional curators enter.
- Matt Hougan compares vaults' potential to ETFs replacing mutual funds and foresees trillions on-chain eventually.