Wall Street's Blockchain Shift Mispriced by Anchoring Bias, Says Bitwise CIO
Bitwise Chief Investment Officer Matt Hougan believes that traditional and crypto investors are failing to recognize the scale of Wall Street's shift towards blockchain-based infrastructure due to anchoring bias.
Hougan points out a series of developments in his latest memo, including SEC Chairman Paul Atkins' 'Project Crypto' initiative to modernize securities regulation for on-chain markets.
BlackRock CEO Larry Fink has stated that the industry is entering the early stages of tokenizing all assets, and BlackRock has launched its $2 billion BUIDL tokenized Treasury fund on Uniswap (UNI).
Major banks are also getting involved, with JPMorgan launching a deposit token on Base and discussions underway for a joint stablecoin.
Hougan argues that investors have become fatigued by repeated claims of institutional adoption and are anchored on the old story, missing one of the biggest shifts in financial infrastructure.