PANews reported on November 19th, citing The Block, that Bitwise Chief Investment Officer Matt Hougan refuted market concerns about the recent price drop. He believes that Bitcoin's long-term value stems from its unique service of "digitally storing wealth without relying on any third party," rather than short-term price fluctuations. He likened Bitcoin to a service: just as the value of Microsoft stock depends on market demand for its service, Bitcoin's value is entirely determined by market demand for its "digital wealth storage" service. Increased demand leads to increased value; conversely, decreased demand leads to decreased value. The only way to obtain this service is to directly hold the asset. He pointed out that adoption by numerous institutional investors, from the Harvard endowment fund to sovereign wealth funds, has proven the authenticity and growth potential of its service demand.