Bitwise CIO: Bitcoin is actively competing for gold's market share, with skeptics of the crypto market's size being underestimated

BlockBeats News, September 30th: Bitwise CIO Matt Hougan stated on social media that a common mistake made by many crypto skeptics today is underestimating the scale of the market that cryptocurrency is poised to enter. Bitcoin is already a $2.3 trillion asset, a rarity in the world. Bitcoin is targeting a massive market, with the market value of gold being $25 trillion, and Bitcoin is competing with gold.

Ethereum and Solana, on the other hand, are competing in the issuance, trading, and settlement of stablecoins and asset tokenization. These are all huge markets - according to SIFMA and Savills data, the total value of stocks, bonds, and real estate is $665 trillion; McKinsey also points out that the global payment industry processes 340 billion transactions annually, with a total value of $180 trillion.