Matt Hougan & Ryan Rasmussen: Ethereum & Solana Will Both Explode (Institutional Mindset Explained)

Transcript

many of these larger market cap non- Bitcoin assets run and I think Hyperlid is probably primed to benefit the most. >> Uh, and those are really fundamental decisions that lead to downstream decisions on how the protocol is run and go to market. >> Just like the streets of Manhattan, I'm going to keep this quick. Over 70% of our viewers are [music] not subscribers. Yes, you. Every week, we interview some of the best entrepreneurs and [music] investors in the financial industry. The easiest way to support our channel is to hit the like [music] and smash the subscribe button. Now, sit back, relax, and enjoy today's show.

>> We got some questions in the chat for you guys. Um, first one is from Matt. Matt, which are your investors that you're talking to buying more of, Bitcoin or ETH? >> Uh, right now it's still Bitcoin. There is rising interest in ETH. It's been performing well. People are excited about stable coins and tokenization, but the starting point remains Bitcoin and uh we're seeing more flows there. >> Got it. Ryan, you uh you seeing the same thing out there? Yeah, I think the thing to remember is that if you were on one of these investment committees and you were thinking about how should the 10,000 financial advisors who use your model portfolios start getting exposure to crypto, you would start with Bitcoin and then maybe you would add some ETH,

but it would probably be like a market cap weighted exposure or maybe you would add some salon in etc. Right. But you're starting with Bitcoin. I think that's exactly true. >> Yeah. Um, which one are you guys more bullish on? Hood or hype? >> No, you gotta go first, Ryan. >> I'm more bullish on Hype. It's a smaller market cap asset, and I think it's earlier, you know, in its in its uh life cycle, and I think it's going to be one of the major benefactors of the next crypto bull cycle. I'm bullish on Hood, but more bullish on hype.

>> Yeah, I'll take both as well. I think I think hype has more upside potential, but I think Hood is a generational buy and hold asset. If you had to tell me I had to buy something and come back in 10 years and be confident that it's substantially higher, I think I would put my money on on Hood. I think it's just a phenomenal company executing phenomenally well. >> Okay. All right. So, we got a divergence here amongst our Bit Bitwise uh peers. Okay. I'm The chat is loving this, by the way. I'm keeping up with what what they're saying here. The next one is overunder. All right. So, I'm going to throw out some just go over under and then maybe we'll we'll talk about some of the the the rationale as to why after the fact, but we we've got four or five

assets here. Uh and price targets. Bitcoin 180k by 2030. >> Oh, over over. We'll be way over. Yeah. >> Okay. All right. These are all by 2030. ETH 8K. Ryan >> over. Oh man, I over as well, but definitely some nuance worth unpacking there. >> Oh, okay. We'll we'll we'll note that. Um Zcash, actually we got two different ones, both by 2030. Uh one prediction, Zcash 30,000. Other one is Zcash 25,000 by 2030.

>> Under and under. >> Oo, I think over and under. >> Over 3,000. under 25,000. Ryan, why so bearish on Zcash? >> Yeah, I I'm not bearish on Zcash. I just think that you can't have these you a pretty optimistic price targets for every crypto asset. I just think that things move slower than we we think, right? Like Bitcoin is only trading at 65,000 today. And I I think it's going to take a long time for Bitcoin to to get to a million, right? 2030 at a million. I think that, you know, could happen, but it's probably going to be a few hundred thousand. The reason I say that is I think it takes longer than people expect. And so, do I think that Zcash is

going to be a a good buy over the long term? Yes, I do think there'll be demand for privacy coins. I do think that Zcash is uh is a special asset. I just don't know by 2030. >> Got it. Okay. Yeah, 2030 is uh three and a half years away. So, uh we got we got some time. All right. You guys are going to have some fun with the next one. Hype $500 over under >> by 2030. Uh >> 10xy by 2030 on hype.

>> 10x 10x. I'm thinking through on that one. That's a $600 billion valuation on hype. Um Oh man, I I'm think I'm probably under but I'm uncomfortable saying that. I'm not sure. >> Okay. Well, it sounds like it's a close one. Ryan, what do you think? >> It's a close one. >> I think under, but it could run above it in between that period.

>> Interesting nuance. >> Some big volatility coming. >> Just curious and we'll get to the ETH nuances as well, but just curious hype. Why do you think that, you know, we might get some sounds like, you know, serious blowoff top there? uh with some volatility. >> I I mean my opinion on Hype is that look what it's done in the face of a bare market, right? Hype is one of the only crypto assets. Now, to be fair, Zcash is in the same boat that's done remarkably well given the environment that we've been in. I think once the environment turns in crypto's favor, you're going to see many of these larger market cap non Bitcoin assets run. And I think Hyperlquid is probably

primed to benefit the most given the size of the asset and the growing awareness and popularity of hype. But uh but but as we've seen with many of these newer crypto assets in these cycles where you have these magnificent runups, you do tend to get a decentsized pullback, a lot of volatility. And so I think it's going to be, you know, probably like the the key asset that displays those properties that we've seen displayed in things like Salana previously or Ethereum in the cycle before that.

>> Yeah. >> And just to add a nuance to my comment because I had I'm realizing a mistake of course because of the buyback the total market capitalization could be substantially lower even at those prices. So I think that's the like >> that's the challenging mechanism to consider. Um but it is the case historically that we've seen rotations between leading platforms. So that's probably the risk to the long-term 2030 thesis. >> And similar you know point to that uh is competition from you know within the sector. The next one here is lighter. Uh we've got one for 30 and the other one for 50 which would be insane. But uh what do you guys think about lighter?

>> There's a lot of people at Bitwise that are bullish on lighter. I will say that it's something that we we've talked a lot about uh across the research and DeFi teams. I think perpetuals is going to grow, you know, remarkably over over the coming years. So, I think lighter could it could go above. Look, it it'd be it'd be tough, right? All these assets can't have these massive runups is my is my general opinion. So, okay. >> Um could lighter be a winner in this bull market? Yes. Uh 30 is is probably the more of a ceiling than a than a floor in my mind by by a large margin. >> Matt, any thoughts on lighter?

>> I think it's just hard with a platform that new uh to be honest. Um there's so much churn in this space, it's it's hard to predict. So I'll let Ryan take the take the vote on that one. >> Got it. All right. Well, that was our overunder segment here for today. Uh Matt, um you mentioned, you know, ETH at 8K by 2030, and I realize all these predictions are far out. We're not going to hold you too too uh close to the fire on this, but what are some of the nuances that you described that could affect, you know, the upward mobility of ETH over the next couple years? >> Yeah. Well, I think there's a a pretty fascinating thing going on in the market between ETH and Salana with one positioning on a monetary side, one positioning more on a revenue driven side. And I think it's indetermined at

this point which valuation approach um will will win out over the market over the next handful of years or whe whether you'll get both whether you can have both. Uh and those are really fundamental decisions that lead to downstream decisions on how the protocol is run and go to market. Uh so I think it's it's just a a fascinating comparison from my mind uh how those two projects are running >> and uh my favorite approach is just to own them