Matt Hougan

Matt Hougan

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CIO @BitwiseInvest. Co-founder @FutureProof_HQ. Previously CEO @ETFcom. Husband, father, & runner (when I find time).

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The relative returns of different monetary crypto assets since Jan. 1, 2025, is remarkable: Bitcoin (BTC): -22% Bitcoin Cash (BCH): +23% Monero (XRM): +97% Zcash (ZEC): +347% Lots of confounding variables here, including that BTC holders were sitting on the biggest cycle-to-date gains at the start of this period, but still, it's remarkable to see.

The past few days have been wild. Clawbots are organizing on Moltbook. Tesla is shifting to building robots. Ray Dalio says the fiat monetary system is coming to an end. Silver is down 26% in 24 hours. Kevin Warsh is going to be the new Fed chair. Incredible.

Agree with this. Bitcoin is a superior technology to gold, because it allows for self-custody through settlement. Ultimately, bitcoin will be significantly bigger than gold. twitter.com/Matt_Hougan/status...

Bitcoin allows self-custody through settlement. We don't talk about it much these days, but I suspect it may end up mattering a lot.

Everyone saying we don't need to trade tokenized stocks 24/7 should remember they said the same thing about ETFs vs. mutual funds. Bogle: “I saw an ad for the SPDR S&P 500 ETF that touted the ability to trade the S&P 500 throughout the day … ‘Who the hell wants to do that?’”

Fun to see Polymarket digesting the Waller dissent as a bid for the Fed Chair (yellow line).

Who's the central bank now? Tether bought more gold than any central bank in Q3 2025, according to official data. It's going to be close in Q4 -- we're still waiting on final data -- but the company will be top 3.

In the 1990s, at the peak of globalism, central banks were dumping so much gold that they entered into the Central Bank Gold Agreement limiting sales to 400 tonnes/year. They were afraid of creating a disorderly market. Sales continued until 2008, when they became net buyers.

The spiraling price of gold reflects two things: 1) Concerns about debt and debasement 2) The desire to self-custody wealth Not enough people talk about the second force. It's really strong right now at the sovereign level.

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