Finance

Will Ethereum Soar to $10,000 by 2030? Bitwise CIO Reveals the Bullish Case

Bitwise’s Hougan predicts Ethereum could hit $10,000 by 2030, driven by stablecoins and institutional adoption.

November 1, 2025, 11:22 AM

3D render of an Ethereum digital cryptocurrency symbol on a red circuit board, depicting a falling price.

The plunging Ethereum price on a red circuit board symbolizes the volatility and potential downturn in the cryptocurrency market. By MDL.

Executive Summary

Bitwise CIO Matt Hougan forecasts Ethereum (ETH) will surpass $10,000 by 2030, driven by its critical role in stablecoin transactions and increasing institutional adoption.

Ethereum currently hosts over 53% of the $307 billion stablecoin market, positioning it as essential infrastructure as traditional finance increasingly adopts stablecoins.

Institutions favor Ethereum for building blockchain infrastructure and tokenizing assets, with over 70 companies collectively holding more than 6 million Ether in their treasuries.

The Story So Far

Ethereum’s projected rise to over $10,000 by 2030 is primarily driven by its foundational role in the stablecoin market, hosting over 53% of all stablecoins and positioning it as essential infrastructure for future payments, as well as its status as the default choice for institutions building blockchain infrastructure due to its deep liquidity, extensive developer talent, and established regulatory frameworks.

Why This Matters

Ethereum’s foundational role in the rapidly growing stablecoin market positions it as critical infrastructure for future global payments and traditional finance, directly boosting network earnings as stablecoin adoption accelerates. This, coupled with its status as the default choice for institutional blockchain development and increasing corporate Ether holdings, suggests Ethereum is poised for significant long-term growth and mainstream integration, potentially reaching $10,000 by 2030 despite current market sentiment.

Who Thinks What?

Matt Hougan, Chief Investment Officer at Bitwise, projects Ethereum could exceed $10,000 by 2030, attributing this potential to its foundational role in stablecoin transactions and increasing institutional adoption, viewing its current state as a turnaround opportunity.

Some Ethereum skeptics and detractors labeled the network as overvalued and uninvestable during a period of perceived downturn, citing languishing activity, concerns about layer-2 scaling solutions, and value draining from the main chain.

Experts anticipate that Ethereum will serve as the primary infrastructure for the tokenization of trillions of dollars in traditional assets over the next decade, given its status as the default choice for institutions due to its deep liquidity, developer talent, and established regulatory frameworks.

Matt Hougan, Chief Investment Officer at Bitwise, projects that Ethereum (ETH) could exceed $10,000 by 2030, driven primarily by its foundational role in stablecoin transactions and increasing institutional adoption. This optimistic forecast comes despite a period of what Hougan describes as “depression” for the blockchain, currently trading around $3,850.

Ethereum’s Turnaround Opportunity

While competing networks like Solana have captured recent headlines, Ethereum has been grappling with a narrative of recovery. The blockchain, which pioneered smart contracts and decentralized finance, has faced questions regarding its relevance and a perceived downturn in community sentiment.

Concerns have included languishing activity, the effectiveness of layer-2 scaling solutions, and a perceived draining of value from the main chain. Some detractors even labeled the network as overvalued and uninvestable during this period.

The Stablecoin Thesis

Hougan identifies stablecoins as a crucial structural advantage that many Ethereum skeptics overlook. He posits that all future payments will eventually run on stablecoins, and the vast majority of these assets are currently issued on Ethereum’s blockchain.

Over 53% of the $307 billion stablecoin market, including dominant players like USDT and USDC, operates on Ethereum, significantly outpacing rivals such as Solana. As traditional finance increasingly embraces stablecoins for payments, settlement, and treasury management, Ethereum is positioned as the essential underlying infrastructure.

Activities ranging from JPMorgan accepting crypto as collateral to BlackRock’s tokenized treasury fund generating fees all benefit Ethereum. The accelerating volume of stablecoin transactions directly translates into increased earnings for the Ethereum network.

Institutional Infrastructure and Demand

Ethereum also maintains its status as the default choice for institutions building blockchain infrastructure. Its deep liquidity, extensive developer talent, and established regulatory frameworks make it a conservative and reliable option for enterprises entering the crypto space.

Experts anticipate that as trillions of dollars in traditional assets are tokenized over the next decade, much of this activity will initially occur on Ethereum. This institutional preference contributes significantly to its long-term staying power.

Beyond building on the network, institutions are also accumulating Ether itself. “Ethereum treasuries”—companies holding Ether on their balance sheets—have grown substantially, with over 70 companies collectively holding more than 6 million Ether, valued at approximately $23 billion. This volume now surpasses Bitcoin companies in terms of total supply held.

Path to $10,000

Hougan frames Ethereum’s current position as a classic turnaround scenario: depressed sentiment masking robust structural advantages and a clear catalyst in stablecoin adoption that is already underway. Achieving the $10,000 target from current levels hinges on Ethereum delivering on its staking, scaling, and stablecoin narratives, coupled with sustained institutional demand.