This is not the first time in recent months that Hougan has expressed optimism about ETH.
Ethereum (ETH), the second largest crypto asset by market capitalization, continues to lag behind market leaders such as #Bitcoin (BTC) and Solana (SOL), and sentiment has declined in recent months. Amid the changing dynamics of the network, ETH's performance has been lackluster, and some have begun to question whether the asset has lost its value.
Once again, however, while some believe #ETH is invalid, Matt Hougan, IT director at Bitwise, has once again stood up for ETH, warning that skeptics could end up getting their faces smeared.
'Microsoft is on the blockchain?
Now it's cool to hate #Ethereum . ' said Matt Hougan, Bitwise's IT director, in a note to investors on Tuesday, September 17.
Mr. Hougan argued that the Ethereum network still has the best fundamentals despite the network's current problems and the appeal of other ecosystems such as Solana. He cited Ethereum's dominance in pioneering applications such as stablecoin, DeFi and prediction markets through the Polygon-sponsored Polymarket.
Houghan, meanwhile, emphasized that ethereum remains a focus for institutional investors and legacy companies, citing BlackRock's tokenized fund, which is currently raising about $500 million in assets under management, and Nike's . Swoosh platform. Bitwise's IT director believes the trend of legacy organizations choosing Ethereum will continue due to its large user base, number of developers and regulatory advantages in the U. S. , where the SEC has approved ETH-based futures and, more recently, spot ETFs.
Mr. Hougan compared the sentiment around Ethereum to the public's perception of Microsoft.
'It's like Microsoft in blockchain. Everyone wants to talk about Google, Slack and Zoom, and for good reason. But Microsoft is bigger than any of them.
Is a price of $5,000 per ETH still possible?
Such figures cast doubt on Mr.
Read us at: Compass Investments
