<p><span style="font-weight: 400;">Bitwise Chief Investment Officer Matt Hougan said crypto is increasingly a "contrarian bet" as the digital asset market posts losses when stacked up against a growing stock market and enticing opportunities like "AI stocks, robotics companies and SpaceX." </span></p>
<p><span style="font-weight: 400;">"Who needs crypto when the Nasdaq-100 is up 43% year-over-year?" Hougan wrote in a <a href="https://experts.bitwiseinvestments.com/cio-memos/crypto-becomes-a-contrarian-bet">weekly memo</a> on Tuesday.
"With AI sucking all the oxygen out of the room, crypto is being forced to go through a painful metamorphosis: from momentum trade to contrarian bet."</span></p>
<p><span style="font-weight: 400;">This isn’t to say crypto is "going away," but that the investment thesis around crypto assets has shifted.
These investments now require "a long-term orientation, and a focus on fundamentals," and are attracting a different "kind of investor."</span></p>
