Bitwise CIO Says Bitcoin Could Top $1M as Ethereum Builds Financial Rails

Bitwise CIO Matt Hougan sees Bitcoin and Ethereum winning for very different reasons.
For Bitcoin, the thesis is simple: digital gold.
Hougan argues that $BTC could eventually trade north of $1 million if it captures a larger share of the global store-of-value market.
Ethereum is a different bet.
Rather than competing directly with Bitcoin, $ETH is increasingly becoming infrastructure for the financial system.
Stablecoins, tokenized assets and other onchain financial products are increasingly being built and settled on Ethereum and similar smart-contract networks.
That could change how investors think about crypto.
Instead of the entire sector trading as one highly correlated asset class, different blockchains may increasingly behave like internet companies — each competing for different markets and use cases.
Bitcoin can win as digital gold.
Ethereum can win as financial infrastructure.
Crypto may ultimately be much bigger than a single trade.