According to Hougan, these four networks represent the structural backbone of a maturing crypto economy, especially as the market moves away from pure speculation and toward real-world use cases such as tokenization, payments infrastructure and institutional adoption.

Mount Rushmore Thesis: Four Pillars of the Crypto Economy

Hougan frames Bitcoin as digital gold and the only crypto asset with a credible path to becoming a globally relevant non-fiat monetary standard. In his view, BTC remains the primary hedge against currency debasement and macro instability, a role that continues to attract both retail and institutional capital.

Ethereum is positioned as the dominant smart contract platform, particularly in decentralized finance and the tokenization of real-world assets. With major financial institutions experimenting with on-chain settlement and fund issuance, ETH remains central to the institutional blockchain narrative.

Solana, meanwhile, is highlighted for its speed and scalability. Hougan sees it as a key beneficiary of stablecoin growth and high-throughput tokenization trends. He has previously suggested that, if adoption accelerates, Solana could evolve into a trillion-dollar asset over time.

Chainlink rounds out the list as what Hougan describes as critical infrastructure. By providing oracle services that connect blockchains to real-world data, LINK plays a foundational role in enabling tokenized assets and complex financial applications. He has argued that this infrastructure role makes it one of the more undervalued large-cap crypto assets.

Crypto Winter and the 2026 Outlook

Hougan’s thesis comes during a prolonged market cooldown in 2025, a period often described as a crypto winter. However, he believes the traditional four-year halving-driven cycle is beginning to weaken in importance as institutional flows increasingly shape price action.

The rise of spot ETFs and broader access through major wealth platforms has, in his view, introduced structural demand that could dampen volatility compared to previous cycles. During the recent downturn, assets with stronger institutional backing – particularly Bitcoin and Ethereum – fell less sharply than retail-driven altcoins, some of which declined 60 percent or more.

Looking ahead, Hougan has pointed to 2026 as a potential breakout year. He expects clearer regulatory frameworks, including progress on legislation such as the CLARITY Act, alongside increased allocations from large advisory platforms like Morgan Stanley and Merrill Lynch, to act as catalysts for renewed momentum.

How Bitwise Is Positioned

The firm’s own product lineup reflects this concentration strategy. The Bitwise 10 Crypto Index Fund allocates the majority of its weight to Bitcoin at 77.1 percent and Ethereum at 13.6 percent, with smaller exposures to Solana at 2.7 percent and Chainlink at 0.4 percent as of February 2026.

For investors seeking more targeted exposure, Bitwise also offers dedicated spot ETFs for Bitcoin and Ethereum, along with a pending Solana staking ETF that would provide yield-generating exposure if approved.

In Hougan’s view, the next phase of the market will reward assets that sit at the center of real economic activity on-chain. His “Mount Rushmore” is not a short-term trade, but a long-term bet on the infrastructure layer of the digital asset economy.



The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

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Filed under: Bitcoin - @ February 21, 2026 3:16 pm