Hunter Horsley, CEO of Bitwise Asset Management, identifies the tokenization of equities as a primary financial development for the next two to three years. He suggests that moving capital markets onchain will enable 24/7 trading and fractional ownership, comparing the shift to the historical electronification of equity markets.
Tokenization is described as a component of broader onchain finance growth, which includes developments in credit, vaults, and capital markets. Horsley draws a parallel between the current evolution of crypto applications and the historical development of distinct internet sectors like e-commerce and social networks.
Regarding the broader market, Horsley stated that the crypto winter has concluded. He noted that 2026 has seen increased institutional participation, improved usage metrics, and higher revenue across platforms, alongside expanded investor access through ETFs and ETPs.
Horsley anticipates a potential rotation of liquidity from AI-related stocks back into the crypto sector as investors reposition. He also expects the intersection of AI and crypto to expand, specifically through stablecoin-supported payments and blockchain-enabled agent transactions.
On the regulatory front, Horsley noted that the CLARITY Act is ineffective but has not hindered industry progress. He characterized the current regulatory environment as constructive and expects widespread integration and adoption of crypto within the next two years.
