Bitwise CIO Matt Hougan emphasizes that the potential market size targeted by cryptocurrencies is often underestimated by skeptics. Hougan points out that Bitcoin, with a current valuation of $2.3 trillion, is competing against gold, a $25 trillion asset, and only needs to capture a small fraction of this market to justify its valuation. He also highlights that blockchains like Ethereum and Solana are targeting vast markets such as global payments and tokenized assets. Additionally, Hougan notes that Tether, a leading stablecoin issuer, is aiming for a $50 billion valuation by capturing a significant share of the non-Western stablecoin market. He argues that recognizing the scale of these markets can alter investors' perspectives on crypto's potential and underscores the importance of diversification in investment strategies.