Bitwise CIO refutes bear market concerns, stating that the value of Bitcoin lies in its role as a "service" for digital wealth storage

According to The Block, Bitwise Chief Investment Officer Matt Hougan has rebutted concerns in the market about Bitcoin potentially entering a bear market. He stated that the value of Bitcoin lies in its role as a digital wealth storage "service," without relying on governments, banks, or other third parties.

Hougan believes that despite the recent market pullback, the demand from institutions for this service continues to grow, supporting the long-term development trajectory of Bitcoin.