[Bitwise CIO Refutes Bear Market Concerns, Claims Bitcoin's Value Lies in Its Role as a Digital Wealth Storage 'Service'] According to a report by Golden Finance, Bitwise Chief Investment Officer Matt Hougan refuted concerns that Bitcoin might be entering a bear market. He stated that Bitcoin's value lies in its role as a digital wealth storage 'service,' which does not rely on governments, banks, or other third parties. Hougan believes that despite recent market pullbacks, institutional demand for this service continues to grow, supporting Bitcoin's long-term development trajectory.