As an investor, you face two choices. You can try to pick winners by researching dozens of different blockchains and their unique token economics and fundamental drivers. Or you can bet on the entire field by purchasing a diversified index fund that holds leading assets weighted by market capitalization.

Written by: Matt Hougan, Chief Investment Officer of Bitwise

Translated by: 0xjs, Golden Finance

Today, the crypto space is developing at an astonishing pace. Ideas that seemed absurd a month ago are now positioned between possible and probable.

Just in the past week:

• Senator Cynthia Lummis (Republican from Wyoming) called attention to the "cavalry" of crypto supporters arriving in Washington and shared a proposal to have the U.S. government sell part of its gold reserves to buy one million bitcoins.
• Attorneys General from 18 states filed a lawsuit against the U.S. Securities and Exchange Commission, accusing it of "serious overreach in its regulation of the cryptocurrency industry."
• BlackRock expanded its tokenized money market fund BUIDL to five new blockchains: Aptos, Arbitrum, Avalanche, Optimism, and Polygon. Notably, the SEC had previously labeled one of the assets related to these blockchains as a "security."

We will see what happens next week.

For the past four years, the entire industry has faced legal disputes, regulatory uncertainty, limited access to basic banking services, and hostility from Washington. All of this has been swept away, replaced by a supportive White House, a supportive Congress, and supportive regulators for cryptocurrency.

(In some ways, the shift in sentiment is almost surreal. For example, Elon Musk is creating a new government agency named after a meme coin: the Department of Government Efficiency, abbreviated as DOGE.)

All of this indicates that in the next four years, anything is possible in the crypto space.

What does this mean for investors?

As an investor, it is easy to feel optimistic about cryptocurrency when witnessing this. However, it is much more difficult to know exactly which assets are worth betting on.

Aside from Bitcoin (which is the dominant monetary asset in the cryptocurrency space and should be the foundational asset for most cryptocurrency allocations), the future outlook is unclear. For instance, there is great anticipation for programmable blockchains like Ethereum and Solana, but there is widespread disagreement about how things will actually unfold:

• Will Ethereum maintain its current lead as the most valuable programmable blockchain, or will it be surpassed by newer/faster/cheaper blockchains like Solana?
• If Ethereum remains dominant, will the ETH token or Layer 2 networks like Arbitrum and Optimism, which help scale Ethereum, gain more value?
• What about promising newcomers like Aptos and Sui? Will they surpass Ethereum and Solana?
• If regulation becomes clearer, how much value will crypto-based applications like Uniswap gain?

Ask ten crypto experts these questions, and you will get ten different sets of answers.

You can see the impact of this uncertainty in the recent returns of various crypto assets. How many people expected XRP to rise by 77% last week?

As an investor, you face two choices. You can try to pick winners by researching dozens of different blockchains and their unique token economics and fundamental drivers. Or you can bet on the entire field by purchasing a diversified index fund that holds leading assets weighted by market capitalization.

The first fund launched by Bitwise in 2017 was the world's first cryptocurrency index fund. We envisioned it as the "S&P 500 of the cryptocurrency space," a simple way for investors to gain diversified exposure to the field. The idea at the time—just like now—was that buying the entire track was a wise decision.

Sometimes, you may not know at first whether AltaVista or Google will win, but you know that internet search will change the world. An index allows you to participate in the development and prosperity of a new field without having to analyze the details or make specific calls.

For bold, comprehensive, and diverse innovations like cryptocurrency, as well as innovations that suddenly enter a new era of possibilities, this strategy seems more relevant than ever.

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