Bitwise CIO Matt Hougan says Bitcoin is maturing into digital gold

Bitcoin has spent most of its life as the market’s most dramatic asset. According to Bitwise Chief Investment Officer Matt Hougan, it is slowly learning to calm down. In an opinion piece for The Wall Street Journal titled “Bitcoin Is Right on Schedule,” Hougan argues that Bitcoin’s falling volatility shows it is maturing into digital gold. His central data point: annualized volatility of 66% over the past decade, compared with 44% over the last year. The numbers behind the argument The op-ed, dated October 5, 2026, takes aim at a familiar criticism. Skeptics have long argued that an asset this jumpy can’t serve as a store of value. Hougan acknowledges that the current level of volatility remains substantial. His case is about direction, not arrival. Over the previous year, Bitcoin traded anywhere between $58,000 and $126,000, and it sat around $85,000 when the article was published. The Nasdaq-100 benchmark The most interesting part of the argument is the comparison Hougan draws to the Nasdaq-100. The index of large tech stocks currently shows volatility in the mid-20% range. Hougan believes Bitcoin’s volatility could soon drop below Nasdaq-100 levels. That is a forecast, not a don...