Bitwise, the Chief Investment Officer, stated that his long-term view of crypto assets Mount Rushmore has not changed: Bitcoin, Ethereum, Solana, and Chainlink. He described this group of assets as a core exposure that anyone betting on the two major macro themes in crypto – currency devaluation and tokenization – should consider.
He said, "It's hard to say that these four types of assets shouldn't be part of your portfolio."
New challengers are striving for a place.
Hougan stated that this combination is not static. Hyperliquid is "striving to be etched into Mount Rushmore", he said; Zcash is advocating for privacy to have a place, while Venice is promoting real-world application examples.
He said that he is optimistic about several of the downstream DeFi assets, but still believes that the initial four assets are the core and offer a wider range of coverage.
Why is he so optimistic about Chainlink despite its weak token performance?
When asked about Chainlink, considering the continuous positive news surrounding the integration of on-chain data and real-world assets, Hougan admitted that the token itself is still "doubtful".
His larger argument is that the current token economics represent the worst version for almost all crypto assets; however, a reduction in regulatory pressure will force the entire industry to gradually improve.
He said that he has already seen this in the price of Chainlink, and that the underlying protocol business is strong enough to support the token's continued progress even as the token economics gradually catch up. He compared his current view of Chainlink to the way he viewed Uniswap over the years – he held a similar opinion until its token economics improved.
A new frontier: Tokens linked to real assets
Hougan also mentioned that interest in pairing tokens with real-world assets is on the rise, and gave examples of companies potentially distributing rewards through tokenized stocks, or fund companies using tokenized funds for marketing.
He said that although the economic structures behind some of these current “asset pairing” transactions may seem unusual and are likely to be temporary, the underlying concept of linking tokens to real assets still holds a great deal of untapped potential.
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