Matt Hougan, chief investment officer at crypto asset manager Bitwise, believes Chainlink (LINK) is one of the “least understood, most important, and possibly most undervalued” crypto assets.
The exec’s comments come days after the quiet launch of Bitwise’s new Chainlink exchange-traded product (ETP).
From Stablecoins to DeFi
In the latest memo, Hougan stated that the Chainlink ETP debuted with modest volumes and tight spreads, but without the strong reception seen by Bitcoin ETPs. He attributed this to investors failing to fully grasp LINK’s role in the crypto ecosystem. He described Chainlink, currently the 11th-largest crypto asset by market capitalization at nearly $10 billion, as a complex project that does not fit neatly into the simple narratives often associated with other major cryptocurrencies, such as Bitcoin as digital gold or Ethereum as a smart contract platform.
Hougan argued that referring to Chainlink just as a “data oracle” understates its function and c
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