Bitwise Says Crypto Valuations Could Double With Buybacks and Burns

TL;DR

• Bitwise CIO Matt Hougan says crypto valuations outside Bitcoin could at least double as protocols increasingly connect revenue to tokens through buybacks and burns.
• Hyperliquid directs about 99% of revenue toward HYPE buybacks and burns, while Uniswap and Aave also use protocol economics to support tokens.
• Hougan expects revenue-capture models to spread across DeFi and layer-1 networks within 12 to 24 months, though token holders lack shareholder-style legal cash-flow rights.

Bitwise chief investment officer Matt Hougan says crypto valuations outside Bitcoin could at least double as protocols increasingly connect revenue to native tokens through buybacks and burns. He argues investors have not fully priced in a shift toward revenue-driven token economics, even as several major projects already convert fees into direct token demand. The striking implication is that crypto may be moving closer to conventional valuation frameworks, where investors can compare revenue generation with market value instead of relying mainly on narrative, adoption expectations or speculative momentum across decentralized finance in a maturing digital market.

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