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Institutions, once as clueless as a 🦆 in a thunderstorm, now ditch market cap for a stock-like strategy in crypto, says Bitwise’s Hunter Horsley. 🧐
Bitcoin: store of value or payment network? Horsley says it can’t be both, like trying to juggle 🔥 and ice cream. 🍨
Bear market incoming? Horsley shrugs and says it might be as mild as a kitten’s sneeze. 🐱

Ah, the crypto market-once a wild west of memes and dreams, now a sophisticated ballroom where Wall Street waltzes with blockchain. 🕺💃 Yet, despite its maturity, most investors still cling to market cap like a toddler to a security blanket. 😅 Institutions, however, have finally decided to grow up, swapping their bitcoin-tinted glasses for a nuanced, stock-like approach, according to Hunter Horsley, the CEO of Bitwise Investments, who manages a cool $15 billion. 🤑

“Crypto isn’t just digital gold anymore,” Horsley mused at the Token2049 conference in Singapore, “it’s a diverse ecosystem, much like the stock market, where each project has its own flavor-some spicy, some bland, but all unique.” 🌶️🥦

This shift means institutions are no longer throwing darts at a board of altcoins. Instead, they’re analyzing fundamentals, like a detective solving a murder mystery. 🔍 But let’s be real, most crypto projects are still as transparent as a brick wall. 🧱

Beyond Bitcoin: The Great Crypto Awakening

Horsley was probed about whether Bitwise struggles to convince institutions to look beyond bitcoin. His response? “It’s like trying to explain quantum physics to a goldfish.” 🐟 But there’s hope! New ETFs targeting altcoins, including the meme-tastic DOGE, show institutions are dipping their toes into the deep end. 🌊

Bitwise itself recently filed to launch a spot ETF for Avalanche’s AVAX token. Because why not ride the avalanche while you can? ⛷️

Shift in Strategy: Out with the Old, In with the Nuanced

The stock-like strategy fits today’s macro environment like a glove-a glove that’s been through the wringer. 🧤 In 2020, interest rates were practically zero, and inflation was as rare as a unicorn. 🦄 Now, with rates at 4% and inflation stubbornly high, only the fittest crypto assets will survive. It’s survival of the fittest, Darwin-style. 🦖

Experts like Mohamed El-Erian and Russel Napier agree: stock picking is the name of the game. Because in a world of financial repression and inflation, you need to be as clever as a fox. 🦊

Is Bitcoin Still a Store of Value? The Great Debate

The age-old question: is bitcoin a store of value or a payment network? Horsley says it’s like asking if a Swiss Army knife can be both a corkscrew and a screwdriver at the same time. 🛠️ His take? It can do one job at a time, but not both simultaneously. So, for now, it’s a store of value, but who knows? Maybe one day it’ll pay for your latte. ☕️

As for bitcoin DeFi, Horsley is “encouraged” by initiatives like Lightning and Lightspark. Because who doesn’t love faster, cheaper transactions? 🚀

A Different Cycle: Will History Repeat Itself?

The four-year Bitcoin cycle is like Groundhog Day, but with more volatility. 🌪️ With the last halving in April 2024, a bear market might be lurking around the corner. But Horsley thinks it’ll be milder than a summer breeze. 🍃

“The ecosystem has matured,” he said, “so unless a major counterparty blows up, we might just dodge the 80% price collapse this time.” 🛡️

So, there you have it-crypto is growing up, institutions are getting savvy, and bitcoin is still figuring out its identity. 🌱 Will the bear market be a grizzly or a teddy bear? Only time will tell. 🐻

2025-10-09 15:36

Wall Street’s Old Tricks Meet Crypto: Bitwise CEO Spills the Tea ☕️