The Breakdown The Crypto-TradFi Convergence | Inflection Point
Mar 31, 2026
Michael Marcantonio, Head of DeFi at Galaxy Digital, former corporate law and M&A pro turned market maker. Matt Hougan, CIO at Bitwise, ETF and institutional crypto specialist focused on allocation and valuation. They debate L1 valuation gaps, whether chains are cash-flow or scarcity assets, how network effects and revenue interact, and why a shared framework for pricing blockchains matters.
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Two Laws Of Valuation Apply But Need Tweaking
- Valuation
No Unified Valuation Model For L1s
- There is no shared, accepted valuation model for crypto networks today.
- Michael Marcantonio argues networks are more complex than companies and existing methods are incomplete and disagreed upon, blocking institutional adoption.
From Offstage To Keynote In Four Years
- Matt Hougan recounts speaking at a Barron's Top Advisor Summit where crypto moved from offstage to keynote prominence.
- He uses that change over four years as evidence institutional interest has materially increased.