Wall Street's Blockchain Surge Caught in Anchoring Bias

Bitwise CIO Matt Hougan says traditional and crypto investors are failing to recognize the scale of Wall Street's shift towards blockchain-based infrastructure due to anchoring bias. According to Hougan, tokenization is accelerating with major players like BlackRock and Apollo entering the space.

Hougan points out that SEC Chairman Paul Atkins' 'Project Crypto' aims to modernize securities regulation for on-chain markets. Meanwhile, BlackRock's $2 billion BUIDL tokenized Treasury fund was launched on Uniswap (UNI), while Apollo tokenized its $700 billion Diversified Credit Fund across six blockchains.

Major banks like JPMorgan, Bank of America, Citigroup, and Wells Fargo are discussing a joint stablecoin. Hougan notes that investors are fixated on the first piece of information they encountered, failing to see the reality of the shift. He believes there is 'a large delta between what people think is happening in crypto and what is actually happening.'