According to Odaily Odaily, Bitwise Chief Investment Officer Matt Hougan stated in an article published on the X platform that cryptocurrencies are narrative-driven, and there are currently nine major narratives that are expected to lead the next cycle.
First, revenue-generating products. Blockchain's annual revenue is currently around $7 billion to $8 billion. As mainstream adoption accelerates, the industry's revenue will scale to hundreds of billions of dollars, and projects generating revenue will receive rewards.
Second, AiFi. AI agents will use cryptocurrencies, stablecoins, and DeFi instead of bank accounts, and their scale is immeasurable.
Third, fiat currencies will decline. As fiat currencies depreciate, the world will shift towards hard currencies, including Bitcoin.
Fourth, institutional adoption. Institutional adoption of cryptocurrencies is a major trend that will last for a decade and will be measured in trillions.
Fifth, regulatory progress. The benefits of proactive regulation have not yet materialized. The Genius Act will take effect in January 2027, and once regulations are clarified, investment and mainstream adoption will grow in a hockey-stick fashion.
Sixth, the stablecoin supercycle. Although the assets under management of stablecoins have temporarily stagnated at $300 billion, they are expected to grow to trillions in the future, becoming a pillar of the global payment system in the 21st century.
Seventh, tokenization. Currently, only $20 billion in assets have been tokenized, while the total global stock, bond, and real estate markets amount to trillions of dollars, representing a market penetration rate of less than 0.1%.
Eighth, the DeFi renaissance. With the tokenization of RWA assets and the improvement of protocol token economics following clearer regulations, the scale of DeFi will expand 100 times.
Ninth, Ethereum is ushering in a "Jobs return moment." Vitalik Buterin's return to the Ethereum ecosystem is comparable to Steve Jobs' return to Apple in 1996, and Ethereum's development is about to enter a period of explosive growth.
