Bitwise CIO Calls Bitcoin and Zcash Assets to Own for the Next Decade

Key Takeaways

• Hougan recently told investors to own bitcoin for debasement, Zcash for privacy and tokenization plays.
• Zcash crossed $1,000 the same day, and Grayscale’s ZCSH ETF has grown to $414.7 million since Aug. 25.
• Hougan has argued since December that bitcoin will break its four-year cycle and set new highs in 2026.

Three Stories, One Portfolio

Matt Hougan isn’t typically one to pick individual assets, as the Bitwise chief investment officer spends most of his airtime on structure, be it exchange-traded funds (ETFs), financial advisors, or regulation. However, in a recent interview, he decided to name names. His list:

• Bitcoin for currency debasement
• Zcash for privacy
• A decade-long tokenization super cycle spanning ETH, SOL, UNI “and more.”

Bitcoin, the Debasement Hedge

Hougan’s thesis is the oldest one in crypto, i.e., governments borrow, currencies weaken, hard assets win. He laid out the debasement narrative again as one of five structural shifts behind his bull case, alongside regulatory progress, stablecoin growth, tokenization, and revenue-generating tokens. “The crazy thing about 2026 is how easy it is to be bullish,” he wrote, and a Bitwise model of sovereign debt dynamics sketched an illustrative bitcoin fair value of $224,000.