Bitwise Asset Management’s Chief Investment Officer, Matt Hougan, pushed back against Tom Essaye, founder of Sevens Reporter and former Merrill Lynch trader, after Essaye called Bitcoin a “merely speculative asset” with no utility comparable to gold. Hougan’s response was blunt: “Those are terrible takes.”
Hougan described Bitcoin as an emerging store of value still moving through an inevitable maturation phase. He compared its evolution to that of a newborn in 2009, which started out as pure speculation, and projected that by 2050 every central bank in the world will hold Bitcoin in its reserves, as naturally as gold is accumulated today. In his view, the path between those two extremes requires passing through every intermediate point on the spectrum, with no shortcuts available.
Essaye, for his part, argued that Bitcoin does not function as a hedge against inflation or economic turmoil, and that better-suited assets exist for that role without the burden of volatility.
Bitcoin fell roughly 40% from its all-time high of $126,000, reached in October of last year, and briefly traded near $64,200 in the latest session. The decline came despite growing institutional interest and backing from the United States government. Bloomberg analysts note that BTC faces a “purpose” problem, compounded by the Trump administration’s pivot and figures like Jack Dorsey shifting their focus toward stablecoins.
Source: https://x.com/Matt_Hougan/status/2025800689860092194
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