Matt Hougan, Chief Investment Officer at Bitwise, has identified three mistakes crypto investors are currently making. First, they are underestimating the addressable market: if platforms like Uniswap were to process tokenized stocks and bonds, the opportunity could be 100 times larger than the current $2 trillion crypto market. Second, they are overestimating traditional finance companies’ ability to dominate the sector: despite its global reach, PayPal’s PYUSD stablecoin accounts for only 1% of the market, compared to 88% for Tether and Circle. Third, they are using current transaction volumes as a benchmark: with 24/7 trading and the emergence of AI agents, blockchain transaction volumes could increase 10 to 100 times.
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