Bitwise investment director Matt Hougan,Bitcoin 
$91,356.83He stated that institutional demand remained strong despite the recent declines in the price of , and argued that the real value of the asset lies in the digital service it offers. According to Hougan Bitcoinserves a unique function by offering digital wealth storage without being tied to the government or banks. Although Bitcoin lost 27.5 percent of its value and fell below $90,000 after rising to $126,000 on October 6, Hougan considers this a short-term correction.
Seeing Bitcoin as a “Service”
According to the information provided by The Block, Hougan stated that investors should consider Bitcoin as a service rather than an object in order to understand its value. did. According to him, Bitcoin offers a service that allows users to protect their wealth digitally without relying on third parties. Microsoft Giving an example, he said, “Microsoft’s stock gains value as the demand for its service increases. Bitcoin also gains value as the need for its service increases.”
Hougan emphasized that Bitcoin cannot be rented or subscribed by anyone, and the only way to benefit from this service is to purchase the asset itself.
Bitwise manager stated that Bitcoin’s approximately 28,000 percent gain in value in the last decade can be explained by the increase in demand for this service. According to him, investors should focus on the financial freedom service Bitcoin offers rather than its lack of a material asset.
Institutional Demand Strengthens Bitcoin’s Fundamental
Hougan stated that the main force behind Bitcoin’s long-term rise is institutional adoption. Harvard University Foundation, Abu Dhabi Wealth Fund, Ray Dalio, Stan Druckenmiller and the fact that institutions such as some state pension funds are investing in Bitcoin reveals the depth of this demand. Hougan predicts that more investors will turn to the wealth offered by Bitcoin in the face of the increasing debt burden of states in an increasingly digital world.
Hougan’s statements were included in the note Bitwise sent to its advisory clients and was specifically aimed at investors looking for an answer to the question “Why is Bitcoin valuable?” The CIO emphasized that he believes Bitcoin will maintain its value in the long term, despite current price fluctuations.
