Episode 261 – Bitcoin’s Evolution: From Risk Asset to Portfolio Tool With Matt Hougan



Today, Doug talks with Matt Hougan, CIO of Bitwise Asset Management, about Bitcoin’s rapid evolution into a more stable, institutionally accepted asset. Matt explains how improved custody, regulation, and ETF access have significantly de-risked Bitcoin over the last five years, making it a viable portfolio enhancer—especially at small allocations of 1–5%.

He outlines the “Three Horsemen” driving Bitcoin demand—ETFs, corporations, and governments—and why their combined influence, against a fixed supply, is reshaping the market. With institutional adoption growing and behavioral risks better managed through advisor guidance, Matt argues that Bitcoin is following a natural path to becoming digital hard money.

Resources: Bitwise Asset Management