TechFlow news, July 30 — According to The Block, Bitwise Chief Investment Officer Matt Hougan pointed out in a recent client update that traditional finance advocates have failed to understand the advantages of Bitcoin, stablecoins, and the broader digital asset industry. He stated that the existing financial system suffers from inefficiencies and high costs, such as checking accounts yielding only 0.07% and savings accounts at 0.38%, with payment settlements taking several days.
Hougan believes blockchain technology can enable instant payments, near-zero fees, and real-time yield accrual. He cited examples such as African businesses using stablecoins to bypass inefficient banking systems and Stripe's acquisition of stablecoin firm Bridge, illustrating how crypto assets are increasingly being adopted in areas where traditional systems underperform.
He expects that as regulatory conditions improve and usability increases, the majority of financial activities will eventually migrate to crypto infrastructure.
