Overview
- Matt Hougan told CNBC he expects a decade-long stretch of strong but not spectacular gains with lower volatility replacing boom‑and‑bust dynamics.
- He cited data showing Bitcoin’s volatility has fallen below NVIDIA’s over the past year, pointing to mechanical institutional rebalancing as a stabilizer.
- Hougan said persistent, slow institutional demand explains why the drop from October’s record above $125,000 is near 30% rather than the 60% drawdowns seen in past peaks.
- He highlighted a shift in ownership toward institutions, referencing endowments such as Harvard buying while retail investors sell, creating steadier absorption of sell-offs.
- Hougan described regulatory moves under the Trump administration as a one-time clearing event and said further clarity legislation could determine the strength of any rebound, as some analysts still caution against discarding the four‑year cycle.