Năm 2026, tiền điện tử tiếp tục tăng trưởng cần vượt qua ba trở ngại lớn, luật pháp Mỹ trở thành yếu tố then chốt

【Block Beats】Bitwise Chief Investment Officer Matt Hougan recently discussed a topic — for cryptocurrency to continue thriving in 2026, it needs to overcome three hurdles.

The first hurdle has basically been safely cleared. This refers to large-scale liquidation risk. Remember those previous crashes? The market feared history would repeat itself. But recently, market performance has been stable, and there were no large-scale liquidation events by the end of 2025, so this concern has basically dissipated.

The real key is the second hurdle — legislation on the US side. In particular, whether the Crypto Market Structure Act can pass determines a lot of things. This bill is currently being advanced in Congress, with the Senate expected to review it on January 15. But the problem is that issues like DeFi regulation, stablecoin matters, and various political interest conflicts haven’t been sorted out yet. Once this bill is truly approved, it means the US will write crypto-friendly regulatory principles into law, making it less susceptible to future shifts in political sentiment. For the market, this is a long-term peace of mind.

The third hurdle is the correlation with the stock market. Hougan says that cryptocurrency appreciation doesn’t necessarily require stock market prosperity, but if the stock market crashes, it could drag all risk assets down in the short term, and cryptocurrency is no exception. Although the market currently doesn’t expect a high possibility of economic recession in 2026, and the probability of US stock gains is quite high, this thing ultimately still has uncertainty.