Matt Hougan, the chief investment officer at Bitwise Asset Management, said he thinks Solana could plausibly become a trillion-dollar asset within five years—an outcome that would roughly translate into a ~$1,600 SOL price on a simple market-cap-per-token basis, depending on circulating supply. From there, his Solana thesis leaned heavily on what he called a “two ways to win” setup: growth in the addressable market (stablecoins and tokenized assets), plus an increasing share captured by Solana versus competing networks. Notably, Hougan’s Solana call sat alongside a broader macro narrative he returned to repeatedly: monetary debasement pushing investors toward scarce and non-sovereign stores of value.
That usability point, in his view, is underpriced by investors who focus on benchmark-style comparisons. “I think ease of use is a killer app that’s underrated by investors,” Hougan said. “Investors like to talk about throughput and they like to talk… TPS… who cares about this? …For an end user who’s trading, who’s on-ramping, ease of use is the killer app. And Solana is just easy to use, just dead easy to use.” Hougan also acknowledged a common investor blind spot: token supply dynamics can separate price action from market cap growth.
He noted that Solana’s market value can rise meaningfully even if the token price revisits prior highs, and suggested staking yield partially offsets dilution, citing “roughly like 7% a year.” “You put a little bit of inflows into an ETF package and they’re chasing a relatively small supply of Solana,” Hougan said. “It’s one of the best setups for an asset that I’ve ever seen because you have this small constrained size, you have significant institutional demand, you have stablecoins and tokenization… you put all that together and it seems like a winner.” “In 5 years I think it could be a trillion dollar asset. I think that’s relatively easy to imagine,” he said.
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