Bitwise optimistic forecast suggests that Ethereum's price is expected to break through $10,000 by 2030, with stablecoins becoming the core driving force.

Matt Hougan, Chief Investment Officer of Bitwise, predicts that the price of Ethereum is expected to break $5,000 by the end of this year and potentially double or more by the end of the decade (2030), surpassing $10,000. Despite the recent “recovery” narrative around Ethereum, he believes that the market downturn is the perfect time to create opportunities. Hougan emphasizes that stablecoins are Ethereum's biggest structural advantage. As all future payments will run on stablecoins, and over 53% of the stablecoin supply operates on Ethereum, this makes Ethereum the infrastructure layer for global digital finance.

Optimistic Outlook: Ethereum's Recovery and Decade-Long Growth Potential

Matt Hougan believes that the current market's pessimism towards Ethereum is overshadowing its structural advantages and long-term growth potential.

• Price target: Hougan expects the price of Ethereum to approach $5,000 by the end of this year, and believes that doubling or even more from the current level (around $3,850), meaning breaking through $10,000, is “very much” possible by 2030.
• Market sentiment is low: Previously, the Ethereum community felt “disappointed and frustrated,” facing doubts about its relevance. Critics argue that its Layer-2 scaling approach is counterproductive and drains the value of the main chain.
• A turning point has emerged: Hougan views Ethereum as a classic “turnaround” opportunity: low sentiment, structural advantages intact, and the catalysts (stablecoin adoption) are clear and underway.

Structural Advantages: Stablecoins are the core driving force behind Ethereum becoming infrastructure.

Hougan believes that market bears have overlooked one of Ethereum's greatest structural advantages: stablecoins. The viral adoption of stablecoins makes the value of Ethereum's infrastructure immeasurable.

• The future of stablecoins: He asserts that “all payments will be made through stablecoins.”
• Ethereum's dominance: Currently, more than $307 billion of stablecoin circulation is running on the Ethereum blockchain, accounting for over 53%, including the two giants USDT and USDC.
• Accelerating trading volume: As traditional finance adopts stablecoins for payments, settlements, and financial management, Ethereum's position as the infrastructure layer will become increasingly solidified. The trading volume of stablecoins is accelerating.
• Wall Street Consensus: Wall Street strategist Tom Lee likened stablecoins to the “ChatGPT” of cryptocurrencies and pointed out that Ethereum is the “pillar and framework” of the stablecoin industry.

Institutional Preference: Preferred for Deep Liquidity, Talent, and Compliance

Another advantage of Ethereum is its default choice for institutions building blockchain infrastructure, and this robustness gives it durability.

• Institutional default choice: Ethereum has deeper liquidity, more developer talent, and an established regulatory framework, making it the “conservative choice” for enterprises entering the crypto industry.
• Asset tokenization: When traditional finance tokenizes trillions of dollars in assets over the next decade, much of the work will first take place on Ethereum.

Balance Sheet: The Ethereum Assets Held by Enterprises Exceed Bitcoin

Institutional interest in Ethereum is reflected not only in infrastructure development but also in its use as an asset for holding.

• Ethereum balance sheets surge: Companies holding Ethereum have seen their balance sheets swell in the past few months.
• Beyond Bitcoin: According to data, 70 companies hold more than 6 million Ether (worth approximately $23 billion). The Ethereum balance sheet has surpassed Bitcoin in terms of the percentage of total supply held (4.7% vs 3.5%).

Conclusion

Bitwise Chief Investment Officer Matt Hougan's prediction that Ethereum will surpass $10,000 by 2030 is based on the structural advantages of stablecoins as a killer application. As the primary infrastructure for global digital payments and tokenized finance, the network value of Ethereum will multiply as the trading volume of stablecoins and institutional adoption accelerate. Hougan's viewpoint provides investors with a clear long-term bullish narrative, seeking long-term structural opportunities from short-term sentiment lows.