Bitwise chief investment officer Matt Hougan said crypto’s critics often miss the scale of what’s at stake, in a report published Monday.

Bitcoin (BTC), with a $2.3 trillion market value, is often compared to Amazon (AMZN), Hougan noted.

But while Amazon’s worth comes from the fact that it’s used by millions every day, bitcoin’s value stems from the market it’s competing with: gold, a $25 trillion asset, the report said. Capturing less than 10% of gold’s share would justify bitcoin’s current valuation. By contrast, a startup trying to replace Amazon would need to take over its entire market.

The same dynamic applies to Ethereum, Solana and other blockchains, Bitwise said, which are positioning themselves to handle payments, settlement and tokenized assets.

The report noted that the glo

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