The Milk Road Show

Bitwise CIO Says Now Is the Best Time Ever to Buy Bitcoin (On a Risk-Adjusted Basis)

Apr 2, 2025
Matt Hougan, CIO of Bitwise, and Ryan Rasmussen, Head of Research at Bitwise, dive into Bitcoin's remarkable resilience, outperforming gold amid market turmoil. They discuss the promising future of cryptocurrencies, emphasizing Bitcoin's growing institutional acceptance and potential as a treasury asset. The conversation shifts to stablecoins, highlighting their crucial role in addressing the U.S. debt crisis and Circle's IPO filing. Overall, they paint an optimistic picture of the crypto landscape amidst macroeconomic uncertainties.
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INSIGHT

Bitcoin's Outperformance

  • Bitcoin has outperformed gold and the S&P 500 since the election.
  • This suggests that government involvement in the economy is good for non-governmental assets.
INSIGHT

De-risking of Bitcoin

  • The biggest risks in Bitcoin’s history, including US government ban risk, are now gone.
  • This creates an excellent risk-adjusted buying opportunity.
ANECDOTE

Missed Opportunity

  • Matt Hougan shares a story about missing out on buying $1,000 worth of Bitcoin in 2011 when it was $1.
  • He highlights the high risks associated with early Bitcoin investments.
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