Bitwise CIO Matt Hougan believes the recent Bitcoin (BTC) downturn is a short-term blip. In a memo to clients, Hougan explained BTC's value proposition, stating it provides digital wealth storage independent of traditional financial institutions. He likened BTC to a service, similar to Microsoft stock, where increased demand drives up the price. Hougan highlighted that institutions, sovereign wealth funds, and pension funds are increasingly seeking BTC exposure. He anticipates further demand due to rising government debt, leading more individuals and entities to desire Bitcoin's services as a hedge. While market volatility persists, Bitwise remains optimistic about Bitcoin's long-term prospects and its role in a changing global financial landscape. ```