Bitwise Chief Investment Officer: A former skeptic, now he also wants to buy BTC

Author: Matt Hougan, Chief Investment Officer, Bitwise

Compiled by: Luffy, Foresight News

Earlier this month, I gave a closing speech at the end of the first day of a national brokerage conference.

This is worth noting in itself. Four brokerages (Merry Lynch, Morgan Stanley, Wells Fargo and UBS) control over $10 trillion in assets from clients, and these platforms have not yet given their advisers easy access to Bitcoin ETFs. But as the keynote invitation I received suggests, that is changing rapidly.

In fact, I expect that by the end of this year, these four major brokerages will launch Bitcoin ETF business. This is one of the reasons I still expect Bitcoin ETFs to set a new record in net inflows this year, although there have been "only" net inflows in 2025 so far compared to $35 billion in 2024.

I am not writing this article to discuss the issue of brokerage firms. Instead, I want to share a story from an audience member.

If everyone no longer believes in Bitcoin, what else can I have left in

the end?

The most exciting part of the speech often appears at the end. You walk off the stage, hoping to hear applause, and you are usually surrounded by a group of people who want to ask follow-up questions. These questions are the best.

After the event, one person waited patiently, waiting for the other twenty or thirty people to take turns asking questions. Then, he said:

"I heard you and thought it made sense. But I just couldn't overcome the psychological barrier."

This is a very common emotion. People understand rationally the reasons for investing in Bitcoin and find it attractive, but there is always something to stop them from buying.

After delving into his concerns, we figured out what that "thing" is: He was worried about what would happen if everyone stopped believing in Bitcoin.

"If this 'music' stops, how much more can Bitcoin be worth?" he asked.

The answer is of course worthless. If no one in the world wants to hold Bitcoin, then the value of Bitcoin is zero.

I pointed out that the same is true for gold and other assets, but he insists that it is different. Maybe he is right. For gold, you at least have that sparkling real thing; but for Bitcoin, you really have nothing.

Honestly, I've had the same idea before, and I suspect that most Bitcoin investors have had it, and that the physical nature of Bitcoin is indeed a challenge.

My advice: Write it down

My new friend was about to leave, but his face was still full of a tangled look. At this time, I asked him a simple question: What conditions should I meet? In other words, how can he believe that Bitcoin will last?

For some, their answer to this question makes them realize that they will never buy Bitcoin. If you are waiting for Bitcoin to be more popular than gold... or waiting for its volatility to approach zero... then you will never buy Bitcoin.

But if you don’t have these obstacles, it’s worth asking seriously: What conditions must be met?

Is it institutional hosting? Today, listed companies like Coinbase and well-known institutions like Fidelity are custodializing Bitcoin, with financial giants like Bank of New York Mellon following.

Is it an institutional transaction? Today, Bitwise conducts crypto trading with established companies such as Jane Street and Cumberland/DRW.

Is it adopted by the organization? Today, nine of the world's top ten hedge funds hold Bitcoin, along with Emory University (with a $11 billion endowment), the Texas Teacher Retirement System (with $210 billion in assets under management), and investment giants like Ray Dalio and Stan Druckenmiller, and many other institutions also hold Bitcoin.

Is it the participation of large asset management companies? Are companies like BlackRock and Invesco enough?

Is it adopted by the enterprise? There are Strategy, Block, Tesla, and more than 80 other listed companies involved.

Is it easy to obtain? There are Bitcoin ETFs now.

Is it an investment model adopted? BlackRock now advises investors to allocate 2% of Bitcoin in their portfolio.

Is the regulation stable? Legislation related to market structure is expected to be passed in Congress this year.

Is it adopted by the government? The United States is building strategic Bitcoin reserves.

No matter what the conditions are, write it down. Because if we looked back a few years ago, we thought something like the US government holding Bitcoin or the world's largest asset manager accepting this kind of asset would seem out of reach, but now we've seen these things happen.

My friend thought for a while, took a deep breath, and said, "I'm going to buy Bitcoin."

I think many people will come to the same conclusion this year.