Bitcoin Is 2 Bets For The Price Of 1, Bitwise Says: Here's What That Means

Bitwise Asset Management says Bitcoin is entering a structurally different phase despite weak Q1 price and on-chain data, arguing fundamentals remain strong. In an Apr. 22 interview, Bitwise framed BTC as “two bets in one”: a digital-gold store-of-value case and a geopolitical/currency-hedge with growing settlement utility. The firm points to ETF expansion, regulatory clarity and rising institutional participation as catalysts that could trigger a delayed rebound in Q2 and support much higher long-term valuations (they even cite scenarios above $1M per BTC). Bitwise also expects an innovation-driven “alt season 2026” led by compliant token models and AI-blockchain development.