Bitwise Chief Investment Officer Matt Hougan has picked his four must-own crypto assets for this cycle: Bitcoin, Ethereum, Solana, and Chainlink. With markets deep in bear territory and Bitcoin trading over 40% below its October 2025 all-time high, Hougan’s call carries weight. Bitwise manages over $15 billion in client assets and already consults with central banks on digital asset strategy.
Speaking on the When Shift Happens podcast, Hougan laid out specific reasoning for each pick rather than broad market hype.
Hougan called Bitcoin the only clear winner in its category.
“I have every confidence that Bitcoin will win the digital gold store of value monetary asset space. I think that game is over and Bitcoin has won it,” he said.
For every other category, including smart contract platforms where Ethereum, Solana, and Avalanche compete, Hougan recommends buying a basket instead of betting on a single winner.
Read More: Altcoins Outperform Bitcoin After Supreme Court Tariff Ruling: Altcoin Season Starting?
The biggest surprise was Hougan’s take on sovereign Bitcoin purchases. He says markets currently price in roughly a 0% chance that the U.S. government actively buys Bitcoin beyond its seized holdings. Hougan puts that probability at 10-25%.
“If that happens, I think the price goes to half a million dollars or more almost instantly,” he said.
Bitwise is already in conversations with central banks. Sovereign wealth funds in Abu Dhabi and Luxembourg are already buying. The process is real but moves at central-bank speed, which crypto markets consistently discount.
Hougan’s most interesting pick may be Chainlink. His case rests on one thesis: if stablecoins and tokenization grow as expected, oracles become essential infrastructure, and Chainlink dominates that market.
“There’s hundred trillion dollars of equities. There’s more of that of bonds. There’s even more of that in real estate,” Hougan said, framing tokenization as a far larger opportunity than stablecoins alone.
Major institutions including NYSE, NASDAQ, BlackRock, and Goldman Sachs are all signaling a shift to blockchain-based rails. Hougan compared the current moment to early ETF adoption, a trend skeptics consistently underestimated.
Bitwise launched its own Chainlink ETF (CLNK) on NYSE Arca in January 2026, and a Chainlink ETF is seen as a coming catalyst for LINK’s price.
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