According to CoinMeta, Matt Hogan, the chief investment officer of bitwise, stated in an article for The Wall Street Journal that Bitcoin's annualized volatility over the past decade was 66%, which has dropped to 44% in the past year, indicating that it is gradually maturing into a digital gold. He believes that the decrease in volatility reflects an increase in participation and pointed out that Bitcoin's volatility is expected to fall to around 20% levels, similar to that of the Nasdaq 100 index.