Bitwise CIO Matt Hougan Defends Ethereum
“It’s cool to hate Ethereum right now. I bet this ends up looking silly,” Bitwise CIO Matt Hougan remarked as BTC’s dominance over ETH rises, with the ETH/BTC ratio dropping below 0.04 for the first time since 2021.
Hougan’s article acknowledges some factors behind the current market dynamics, citing the upcoming U.S. elections, increased competition from Solana, and the mixed reception to the launch of Ethereum spot ETFs.
On the other hand, Hougan highlights that Ethereum is the only programmable blockchain that has a modicum of regulatory support in the U.S. He noted that Ethereum leads in both active developer participation and user engagement, with a market cap that dwarfs its closest rivals.
It’s like the Microsoft of blockchains. Everyone wants to talk about Google and Slack and Zoom, and with good reason: Each of them has brought game-changing technology to the market. But Microsoft is still larger than all of them put together,
said Hougan.
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