Bitwise CIO: Institutions Embrace Crypto as Store of Value
Bitwise CIO Matt Hougan reveals institutions accept crypto as store of value, with medium of exchange next; Bitcoin reserve currency narrative pushes forward amid BTC price at $78K.
SourceBitwise CIO Matt Hougan asserts that institutions now fully embrace crypto as a "store of value," while its role as a "medium of exchange" remains on the horizon. In a recent Milk Road discussion, Hougan highlights how Bitcoin as an apolitical reserve currency dominates retail narratives but hasn't penetrated institutional circles yet. He plans to amplify this theory in upcoming travels, noting decades-old alliances fracture amid uncertain fiat futures. This shift underscores accelerating crypto institutional adoption, tying into broader Bitcoin store of value narrative amid volatile markets.
Zooming into the 4-hour BTC chart, price action at $78,478.52 rides a bullish wave, hugging the upper Bollinger Band resistance near $79,479.92 as MACD flashes a golden cross at 879.57, signaling sustained upward momentum. Yet with RSI at a neutral 62.79, we're not overbought, leaving room for continuation if it holds above the EMA50 support at $75,646.6—a key confluence where bulls could reload before targeting fresh highs, especially as the EMA200 at $72,547.49 anchors the longer-term floor in this trending environment. This setup screams opportunity for a BTC price prediction leaning bullish, provided volatility doesn't spike and drag us back to the lower band at $73,237.15.
Matt Hougan
@Matt_HouganBitwise Invest's CIO and FutureProof co-founder, former ETF.com CEO bringing deep investment expertise to digital assets.