Bitwise Chief Investment Officer Matt Hougan has dismissed concerns over Bitcoin's recent price decline, emphasizing its long-term value as a "digital wealth storage" service. Hougan argues that Bitcoin's worth is not tied to short-term price movements but rather its ability to store wealth without third-party reliance. He compares Bitcoin to a service, similar to how Microsoft stock is valued based on demand for its services. Hougan notes that institutional adoption, including investments from entities like the Harvard endowment fund and sovereign wealth funds, underscores the growing demand for Bitcoin's unique service.