Bitwise Chief Investment Officer Matt Hougan likens Bitcoin to "digital gold," considering it the king of crypto assets with the potential to become a significant global currency. However, he also advises investors to consider diversifying into other crypto assets, such as Ethereum, which has shown strong recent performance. Hougan compares the current crypto market to internet investments in 2004, noting that besides Google, companies like Amazon, Netflix, and Salesforce also delivered excess returns. Blockchain technology, similar to the internet, is a general-purpose technology that supports multiple applications and ecosystems. If investors believe blockchain is primarily a tool to hedge against fiat currency depreciation, they should focus on Bitcoin; if they are optimistic about its potential as a broad technological transformation, they should diversify across various crypto assets. Hougan warns that actively managed funds have underperformed over the long term and recommends focusing on overall market trends rather than a single winner.