According to Bitwise Chief Investment Officer Matt Hougan, his bullish view on the Layer 1 blockchain Solana is primarily based on two core factors that distinguish it from competitors like Ethereum.
Hougan explained in a post on the X platform on Thursday: “I like investments that offer a dual winning opportunity. Solana is ‘betting’ that the stablecoin and tokenized infrastructure market will grow, and it will ‘capture an increasing market share.’ I think these are good bets.”
Hougan added: “I believe people are seriously underestimating the speed and magnitude at which these technologies can change the market. I can easily imagine this market growing tenfold or more.”
Earlier this month, Hougan also praised Solana, predicting that the blockchain would become the preferred settlement network for stablecoins on Wall Street, while Bitwise CEO Hunter Horsley also endorsed it, believing Solana is likely to surpass Ethereum in the staking ETF market, noting that its design is more favorable to investors.
Ethereum remains the clear leader, with data aggregation platform DefiLlama reporting its stablecoin market cap exceeds $163 billion, with a total locked value of over $85 billion.
In contrast, Solana lags far behind, with a stablecoin market cap of only $14.9 billion and a total locked value of $11.3 billion.
However, Hougan stated that Tron, Solana, and BNB Smart Chain are among the “top challengers.”
He pointed out that institutional interest in Solana is on the rise. For example, this Tuesday, financial services company Western Union adopted the Solana blockchain for its stablecoin settlement system transactions.
Hougan said: “This is a newer asset that is still catching up in terms of institutional adoption, but it is gradually closing the gap.”
He added: “If my judgment is correct, then the combination of a continuously expanding market and an increasing market share will lead to explosive growth for Solana, just like Bitcoin.”
It is reported that Bitwise has launched products related to Solana, such as the staking ETF that went live this Tuesday.
Additionally, Hougan stated that Bitcoin also offers a dual winning opportunity by betting on the growth of the global value storage market and that Bitcoin (BTC) will capture an increasingly larger share; as long as one of these comes to fruition, he stands to gain.
Related: Mt. Gox delays $4 billion Bitcoin repayment: Is this good or bad for BTC prices?
Original article: “Bitwise Executive: Betting on Solana Offers a ‘Dual Winning Opportunity’”
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