On Capital & Power: The Stablecoin Gold Rush — Matt Hougan’s Roadmap to Profit from It

WATCH: Bitcoin $200K? The math behind the next crypto supercycle.

In the latest episode of Capital & Power, investors get a front-row seat to one of the most compelling voices in crypto and fintech: Matt Hougan, Chief Investment Officer at Bitwise Asset Management. Hougan isn’t just another commentator — he’s the architect behind the first cryptocurrency index fund, a three-time Barron’s ETF Roundtable member, and a former CEO of ETF.com. His work has shaped the ETF industry, and his research at Bitwise puts him at the center of how digital assets are reshaping global finance. If you care about where money is moving next, this is the kind of conversation you don’t want to miss.

Hougan’s message is clear: the current financial system is “not good enough.” From low bank yields and limited trading hours to expensive, slow-moving payments, he sees cracks everywhere — and crypto as the only existing technology capable of fixing them. With its ability to move money 24/7, globally, and at near-zero cost, he says digital assets are the rails for a faster, more inclusive, and more efficient financial future. And while he acknowledges crypto’s missteps — from FTX to fraud — he believes regulation can address those risks, unlocking the full potential of the technology.

He’s also not shy about bold predictions. On Bitcoin, Hougan doubled down on his $200,000 year-end target, citing demand from institutions and companies outpacing new supply by five to six times. Ethereum, in his view, sits in the “probable winner camp” with powerful tailwinds the market hasn’t fully priced in. But he’s just as excited about stablecoins, calling them “digital cash” that will disrupt how money moves around the world — a market he expects to grow from $250 billion today to $3 trillion by 2030.

For Hougan, stablecoins aren’t just a payment tool — they’re an investment opportunity. He points to real-world adoption, like Yellow Card’s work in Sub-Saharan Africa, cutting cross-border business fees from as high as 10% to just 0.05%, and Stripe’s $1 billion-plus purchase of Bridge, a stablecoin infrastructure provider. These moves, he says, signal that “major institutions” see stablecoins as a cornerstone of future commerce. Investors, he argues, can gain exposure by buying Ethereum, investing in companies like Circle or Coinbase, or using ETFs like Bitwise’s BITQ that hold them.

The potential goes beyond payments. Hougan likens stablecoin adoption to the broadband rollout — first the pipes, then the platforms. Once stablecoins make crypto wallets ubiquitous, he expects an explosion of users on DeFi platforms like Uniswap, Aave, and Ando Finance. Early movers in the infrastructure and applications, he says, will win big.

While he warns that regulators could still tilt the playing field toward Wall Street incumbents, Hougan remains confident in the trajectory. With crypto now a $3 trillion market, he argues that “zero is not neutral” — a true neutral weight is around 2.5% of a portfolio. Anything less is an active bet against an asset class that has been the best-performing in history.

For investors looking to understand not just where crypto is now, but where it’s headed — and how to capture the upside — Hougan’s Capital & Power appearance is a must-watch. It’s an insider’s playbook on the trends, technologies, and institutional shifts that could define the next decade of finance.