Matt Hougan, Director of Investment at Bitwise, explores the enduring appeal of Bitcoin beyond its fluctuating price. He argues that Bitcoin’s true value lies in its role as a decentralized service facilitating wealth storage independent of traditional financial systems, much like Microsoft’s software offerings grow with market demand. According to Hougan, Bitcoin’s intrinsic worth increases as more individuals and entities recognize its unique service capabilities. Unlike other services, Bitcoin offers no subscription or rental model; it only gains value through ownership. This aligns with the increasing interest from institutions such as Harvard University Endowment and the Abu Dhabi Investment Authority, who see Bitcoin’s potential and have invested heavily. Hougan notes that institutions are drawn to Bitcoin due to its decentralized nature and align with the global shift towards digital solutions and rising national debts. He emphasizes that Bitcoin’s value is not dependent on market fluctuations but rather reflects its service-oriented model. In a nutshell, his analysis suggests that Bitcoin’s future lies in its ability to provide a secure and accessible means of wealth storage outside traditional financial institutions.