Bitcoin: The Alternative You Can No Longer Ignore

Episode #72: Bitcoin - The Alternative You Can No Longer IgnoreGuest: Matthew Hougan, Chief Investment Officer, Bitwise Asset ManagementBitcoin has evolved from a retail phenomenon to a macro asset that institutions can no longer afford to ignore. In this episode of Fund Shack, Ross Butler speaks with Matthew Hougan, CIO at Bitwise Asset Management, the firm behind the first crypto index fund and over $10B in assets.A pioneer of ETFs and now a leader in crypto investing, Matthew explains why Bitcoin is becoming a core component of modern portfolios, how it compares to gold, and why it's poised to reshape global finance.💼 From Retail to Institutional Adoption Bitcoin is no longer fringe. U.S. Bitcoin ETFs now manage $37B+, with institutional capital driving a third of inflows. Bitwise’s AUM has grown 10x in 18 months.📈 Portfolio Construction: Bitcoin as an Alternative Asset Allocators are rethinking Bitcoin’s place, not tech, not equity, but an alternative. With low correlation, high returns, and now ETF access, 1–2% allocations are improving portfolio Sharpe ratios.⚖️ Bitcoin vs. Gold... and Beyond Think of Bitcoin as programmable, portable, real-time gold. Its market cap is under $2T vs. gold’s $21T, highlighting significant upside for long-term believers in the “digital gold” thesis.🌐 Bitcoin as Neutral Global Collateral In a fragmenting geopolitical world, Bitcoin may serve as a non-political, global settlement asset, used across borders, free from government control.🧠 Finance on the Blockchain From instant loans to on-chain collateral, crypto markets offer faster, transparent alternatives to traditional finance. Hougan sees DeFi merging with TradFi, not replacing it, but upgrading it.🗣 Advice for Financial Professionals Matthew’s call to action: experiment, learn, and get ahead. Just as ETFs reshaped investing, Bitcoin could reshape finance. Start small. Learn fast. Stay relevant.-------------------------------------------- 📩  Matthew Hougan, CIO of Bitwise Asset ManagementWebsite: www.bitwiseinvestments.comTwitter: @Matt_HouganTelegram: @pemeticLinkedin: https://www.linkedin.com/in/matthew-hougan/📢 Subscribe for More Fund Shack Episodes and tap into the minds shaping private markets.🔗 LinkedIn : https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7159157815326949376 📺 YouTube: https://www.youtube.com/@PrivateEquityPodcastFundShack?sub_confirmation=1 📞 Contact:  Fund Shack is a private equity podcast and digital media channel for alternative investment professionals 📧 [email protected]:00 – Intro to Matt Hougan, Fund Shack & Bitcoin relevance01:00 – Why Bitcoin is the ultimate alternative asset02:00 – Institutions entering Bitcoin: Demand and momentum03:43 – Institutional case for Bitcoin: High returns, low correlations06:03 – The blockchain as digital property infrastructure07:00 – Bitcoin as finance’s inevitable disruption09:00 – Bitcoin vs banks: Infrastructure comparison11:04 – Bitcoin’s challenge to traditional valuation logic12:03 – How institutions are categorising Bitcoin13:17 – Why Bitcoin has value: Digital service logic14:21 – Bitcoin’s fair value and addressable market15:25 – Bitcoin as global settlement currency17:03 – State actors adopting Bitcoin18:09 – Bitcoin's correlation to other assets19:30 – Why institutions find Bitcoin compelling20:12 – Institutional access: How Bitwise ETFs work22:17 – ETF security, cold storage & custody24:00 – ETF mechanism under stress: Arbitrage & NAV26:03 – Future of Bitcoin and financialisation27:56 – Lending, collateral, and credit in a Bitcoin world29:34 – Bitcoin’s influence on dollar policy31:06 – How Bitcoin changes capital markets33:15 – Programmable money: A new finance model34:52 – Advice for traditional finance professionals35:59 – Deflationary risk: Lending in a bitcoinised system37:05 – Real value vs rent-seeking in future finance38:25 – Advice for young finance professionals