Bitwise CIO predicts slower, less volatile crypto bull run as AI and stablecoins draw capital

Matt Hougan, chief investment officer of Bitwise Asset Management, said the next cryptocurrency bull market is likely to be slower and less volatile than previous cycles. He explained, “I think the coming bull market will be slower and less volatile than in the past,” noting that institutional investors are shifting focus toward stablecoins and the tokenization of real assets, while artificial‑intelligence projects are competing for investment budgets.

Stablecoins have reached a record total value of $322 billion as of May 2026, according to CoinDesk, a figure that Citi projects could grow to $4 trillion in an optimistic scenario by 2030 (or $1.9 trillion in a baseline case). Hougan believes this expanding “infrastructure capital” will reduce retail‑driven price spikes and promote a more institutionally anchored market.

Despite the tempered short‑term outlook, Hougan remains bullish on Bitcoin’s long‑term potential, projecting that the cryptocurrency could exceed $1 million within ten years.