Bitwise объяснил оценку криптоактивов масштабом рынков золота и мировых платежей

Bitwise CIO Matt Hougan says critics underestimate crypto’s target markets. He frames today’s prices by mapping coins to massive TAMs in a CoinDesk interview.

Bitwise’s Hougan ties BTC to gold, ETH/SOL to payments and tokenized assets, and USDT to emerging-market money use

- Hougan argues scale is the point. Crypto chases the biggest markets, not small niches source.

- Bitcoin (BTC) is valued at $2.3T. He compares it to Amazon’s size, but says BTC competes with gold’s $25T market. A sub‑10% gold share can justify BTC’s cap source.

- A startup replacing Amazon must win nearly the whole pie. BTC needs only a slice of gold’s pie to fit today’s price source.

- Ethereum, Solana and peers target payments, settlements, and tokenized assets. Payments process $1.8 quadrillion yearly. Stocks, bonds, and real estate total $665T. That scale frames ETH near $500B and SOL near $100B source.

- USDT underpins Tether’s thesis. Tether explores a $500B valuation. It dominates stablecoin use in developing markets. If USDT replaces some local currencies, Tether’s assets could reach trillions, with profits surpassing Saudi Aramco’s $120B a year source.

- Takeaway for investors. Crypto aims at the world’s largest addressable markets. That’s the core of Hougan’s case source.