Next Bull Run: The 4 Cryptos That Bitwise's CIO Refuses to Let Go

Matt Hougan, the Chief Investment Officer of the American crypto ETF manager Bitwise, considers 4 cryptos essential for the next 10 years: Bitcoin, Ethereum, Solana, and Chainlink. He has defended this selection for months and maintains it despite a year of decline. He sees Bitcoin reaching several hundred thousand dollars if Wall Street adopts his reasoning. He warns that the road will be long.

A Mount Rushmore with 4 Faces and 3 Contenders

In an interview with analyst Michaël van de Poppe broadcast on October 11, Matt Hougan confirms his selection: Bitcoin, Ethereum, Solana, and Chainlink. He refers to it as his "Mount Rushmore", in reference to the American mountain where 4 presidents are sculpted.

Behind this, 3 projects are vying to expand the sculpture. Hougan mentions Hyperliquid, which he sees as a serious candidate, then Zcash for privacy, and Venice (VVV) for artificial intelligence. He expresses strong optimism about these projects.

His selection stems from 2 trends he sees lasting about a decade: currency depreciation and tokenization. "For a bet on currency depreciation, it's Bitcoin. For tokenization, it's hard to do without these 4 assets," he summarizes.

Bitcoin and the 90/10 Portfolio

Currency depreciation refers to the loss of value of a currency when a state incurs debt and spends recklessly. Hougan believes the United States is on this path. He sees Bitcoin as digital gold. According to him, no other crypto offers a better risk-to-reward ratio.

He has been advocating this idea to traditional investors for 8 years. A classic portfolio of 60% stocks and 40% bonds is 100% exposed to the dollar, as everything is measured in a depreciating currency.

For a long time, he recounts, his interlocutors looked at him "like an alien" before moving on. In the past 6 months, some have considered a 90/10: 90% in traditional investments, 10% primarily in Bitcoin and gold.

"If this reasoning becomes widespread, we could see huge inflows into Bitcoin and a price of several hundred thousand dollars ," he suggests.

He does not provide a specific date or target.

Chainlink, the Choice Hougan Must Defend

Tokenization involves recording financial assets, such as fund shares or bonds, on a blockchain. Ethereum and Solana are among the blockchains where these assets and stablecoins are issued. Chainlink provides the oracles, the services that relay real-world data to the blockchain, such as the value of a fund.

Van de Poppe presses Hougan on this last choice. The project has been delivering good news for months, the analyst acknowledges, but its token remains, in his view, "questionable".

Hougan responds directly: the current tokenomics are the worst they will ever be for almost all crypto assets. He anticipates a gradual improvement, imposed by the community: token buybacks funded by revenues, fewer unlocks, more transparency. He already sees the decrease in inflation on Solana as a first sign.

For Chainlink, he bets on the protocol's activity, which he believes is solid enough to support the token. "I might be a bit too optimistic," he concedes, recalling that he thought the same about Uniswap and Aave for years.

The 2 protocols eventually changed their models. Since December 2025, Uniswap uses part of its trading fees to destroy UNI. Aave has been buying back AAVE on the market with its revenues since April 2025.

Hougan also has a commercial interest in this selection. Bitwise manages ETFs on Ethereum, Solana, and Chainlink.

The Long Road to the Next Bull Run

Hougan warns that currency depreciation and tokenization will pay off over the years, with rises, falls, and phases of stagnation. He cites the example of Amazon: an investor who spotted it in 1998 first had to endure the bursting of the internet bubble.

Bitcoin, Ethereum, Solana, and Chainlink remain bets on potential increases, with deep retracements along the way. The Bitwise 10 index, which tracks large-cap cryptos, has lost 38% over the last 12 months.

Being exposed only to such volatile assets can be stressful, exhausting, and lead to poor decisions during panics. The crypto market also includes assets that escape these shocks. Stablecoins are worth 1 dollar, whether Bitcoin rises or falls.

Placed on DeFi protocols, these stablecoins can aim for a yield, whether the market rises, falls, or stagnates. Part of the capital can then generate returns right now, without waiting for currency depreciation and tokenization to fulfill their promises.

One must still know which protocols to choose and how to position oneself. The Club 25% was designed for this. It is a private club of over 150 investors who manage their savings in stablecoins via DeFi, aiming for 15 to 25% per year, dedicating a few hours each quarter.

Matt Hougan gives Bitcoin, Ethereum, Solana, and Chainlink about ten years to deliver on their promises, without setting a date for the next bull run.