Matt Hougan @Matt_Hougan Twitter profile | Pikagi

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Matt Hougan

@Matt_Hougan

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

San Francisco, CA

https://t.co/zRW4xOWwtN

Joined December 2008

Don't wanna be here? Send us removal request.

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@Matt_Hougan

Matt Hougan

3 years

If you're a financial advisor interested in bitcoin/crypto, @dlawant and I wrote this for you: The CFA Institute’s new brief: “Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Professional Investors.” 64 pages, free download:

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@Matt_Hougan

Matt Hougan

1 year

Coinbase raised money in 2018 at an $8b valuation. It's currently trading at a $9b valuation. Meanwhile: 2018 Revenues: $520m 2022 Revenues: $3.3b 2018 Users: 22m 2022 Users: 101m 2018 Assets on Platform: $11b 2022 Assets on Platform: $101b

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@Matt_Hougan

Matt Hougan

3 years

Coinbase is a $90 billion company growing revenues by 465%+ per year with profit margins of 44%. Folks, this doesn't happen. Large financial competitors sat on the sidelines for so long, terrified of crypto. Now, it's too late. Incredible story.

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@Matt_Hougan

Matt Hougan

3 years

1/ Today @NYSE filed for a Bitwise Bitcoin ETF! It would hold actual BTC, *not* futures. There’s already a separate BTC futures-based Bitwise ETF filing. But actual BTC is better. And we believe it’s finally possible. We're sharing 100+ pages of analysis on why. Thread—

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@Matt_Hougan

Matt Hougan

3 years

1/12 All of my friends who are reflexively skeptical of NFTs should spend a bit of time thinking about Damien Hirst’s project, The Currency.

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@Matt_Hougan

Matt Hougan

2 months

Umm...

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@Matt_Hougan

Matt Hougan

2 months

For everyone wondering "who is buying" bitcoin ETFs, I'd circle May 15th on your calendar. Investors with more than $100m in AUM have to file reports with the SEC called "13-F Filings" disclosing their publicly traded holdings. Those filings are due 45 days after the end of…

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@Matt_Hougan

Matt Hougan

2 months

Day 3 of 20 on the road talking to financial advisors and family offices about bitcoin. Some initial take-aways: 1) I am no longer surprised at the size of the inflows into the bitcoin ETFs. The demand is widespread and strong, and will persist for a while. Interest is very…

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@Matt_Hougan

Matt Hougan

3 months

Tether made more money last quarter than Goldman Sachs. Tether: $2.85 billion Goldman: $2.01 billion

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@Matt_Hougan

Matt Hougan

6 months

Two-thirds of all bitcoin has not moved in over a year, an all-time high. These people owned bitcoin when FTX blew up, and did not sell. They saw bitcoin rise more than 100% this year, and did not sell. Do you expect them to sell now, before a bitcoin ETF is approved?

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@Matt_Hougan

Matt Hougan

14 days

I just read the 43-page International Monetary Fund paper on cross border flows in bitcoin. Thought I'd share three interesting takeaways to crystallize my thoughts. A quick thread.

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A Primer on Bitcoin Cross-Border Flows: Measurement and Drivers

The rapid growth of crypto assets raises important questions about their cross-border usage. To gain a better understanding of cross-border Bitcoin flows, we use raw data covering both on-chain (on...

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@Matt_Hougan

Matt Hougan

1 month

Day 19 of 20 on the road. It has been an amazing trip. A few additional take-aways to share: 1) ETF Flows Will Continue for Years: A good question to ask about the new bitcoin ETFs is whether the incredible inflows we’ve seen in the first two months represent a one-time surge…

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@Matt_Hougan

Matt Hougan

2 years

1/ Today we’re launching the Bitwise Blue-Chip NFT Index Fund, the world’s 1st NFT index fund. NFTs are a historic movement, and just getting started. The fund holds the 10 most valuable NFT collections: CryptoPunks, Bored Apes, Fidenza, etc. A thread w more details —

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@Matt_Hougan

Matt Hougan

3 months

Fidelity has a 1-3% bitcoin allocation in their "All-in-One" asset allocation funds in Canada, using spot bitcoin ETFs. The "Conservative" version is posted below. When and if this become the norm for portfolios in the US, wow... @scottmelker

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@Matt_Hougan

Matt Hougan

2 months

As I said on @SquawkCNBC this morning, the supply/demand dynamic in bitcoin right now is off-the-hook.

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@Matt_Hougan

Matt Hougan

3 months

Supply/demand mismatch.

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@Matt_Hougan

Matt Hougan

5 months

To Bitcoin!

@BitwiseInvest

Bitwise

5 months

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@Matt_Hougan

Matt Hougan

2 months

Here's the weekly summary (Feb. 24 - March 1, h/t @HODL15Capital ). Keep it simple: There is more demand than new supply.

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@Matt_Hougan

Matt Hougan

2 months

We bought $37.2 million in bitcoin for $BITB today, and we're only one of the ETFs. Things are going to get interesting. [View BITB disclosures & prospectus: ]

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BITB | Bitwise Bitcoin ETF

BITB provides low-cost access to bitcoin through a traditional, professionally managed ETF.

@JSeyff

James Seyffart

2 months

Only $22.4 million out of $GBTC today. Record low outflow for the fund.

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@Matt_Hougan

Matt Hougan

7 months

Spot Bitcoin ETF = More Demand Bitcoin Halving = Less Supply

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@Matt_Hougan

Matt Hougan

7 months

People ask me: What happened when the first gold ETF launched in the US?

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@Matt_Hougan

Matt Hougan

2 months

Investors who are buying bitcoin ETFs today: * Retail investors * Registered Investment Advisors * Family offices * Hedge funds * Venture capital funds * Asset managers Investors who I think will be buying bitcoin ETFs soon: * Wirehouse advisors * Corporations * Institutional…

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@Matt_Hougan

Matt Hougan

2 months

1/ Lots of discussion out there about the early start of alts season, and some surprise that it’s happening given bitcoin is "only" up a few hundred percent from the lows. Some thoughts.

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@Matt_Hougan

Matt Hougan

2 months

$60k woke people up. For the first time this bull market, non-bitcoiners started texting me about the market today.

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@Matt_Hougan

Matt Hougan

2 months

Day 4 of 20 on the road talking bitcoin and crypto. Today, I gave an hour-long keynote to a room full of the largest independent RIAs in the country as part of the Barron's Advisor Independent Summit. Some take-aways: ** Every seat in the room was taken and people were…

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@Matt_Hougan

Matt Hougan

26 days

I don't believe this move fading the higher-than-expected CPI. Whether the Fed cut rates 25bps in June or not isn't the long-term driver of bitcoin prices right now. It's a marginal factor. ETF flows + rising deficits matter more, and they are lining up very well for bitcoin.

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@Matt_Hougan

Matt Hougan

2 months

Excited for this meeting…

@BitcoinMagazine

Bitcoin Magazine

@BitcoinMagazine

2 months

JUST IN: Bitwise CIO Matt Hougan says he's going to talk to "one of the largest institutional consultants in the US" about spot #Bitcoin ETFs today 👀

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@Matt_Hougan

Matt Hougan

3 months

This is not strictly speaking an ETF-led sell-off. The ETFs are net buyers of Bitcoin (GBTC included). This is an ETF Expectations-led sell-off. The market front-ran the ETF approval by piling into to both spot Bitcoin and Bitcoin derivatives. It expected larger net flows…

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@Matt_Hougan

Matt Hougan

3 months

I'm on the road today talking to financial advisors. Here's a quote from my last meeting: "If we have more days like we've had this week -- where stocks get hammered and bitcoin does something different -- there is going to be a lot of demand from clients."

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@Matt_Hougan

Matt Hougan

7 months

I just did a webinar on bitcoin for financial advisors. The "show rate" -- the % of advisors who attended vs. just signed up -- was probably the highest of any webinar I've done in the past 10 years.

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@Matt_Hougan

Matt Hougan

3 months

Bitcoin ETF flows after first 14 trading days: $1.7 billion Gold ETF flows after first 14 trading days: $1.3 billion

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@Matt_Hougan

Matt Hougan

14 days

The price of bitcoin at its halvings: 2012: $13 2016: $639 2020: $8,475 2024: $68,892 2028: ????????

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@Matt_Hougan

Matt Hougan

6 months

I can confirm this is true. 5% is the new 1% when allocating to crypto.

@RasterlyRock

Ryan Rasmussen

6 months

I spoke with several financial advisors this week. The conversation has shifted from potentially considering a 1% allocation to bitcoin to seriously considering a 5% allocation.

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@Matt_Hougan

Matt Hougan

4 months

I didn't even have to write anything.

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Matt Hougan

2 months

Wow... (Data from Feb. 27.; h/t to @HODL15Capital )

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@Matt_Hougan

Matt Hougan

7 months

1/ Lots of excitement and media coverage today around the ETH futures ETF launch. But so far, very little coverage of Ethereum (ETH) itself. I think ETH is one of the most compelling investor opportunities in the world today, for five reasons.

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Matt Hougan

2 months

Just imagine how much more resources, attention, and funding bitcoin and crypto initiatives will get from Wall Street firms in Q2 after what's happened with these ETFs. Buckle up. The TradFi trickle is about to become a flood.

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@Matt_Hougan

Matt Hougan

9 months

Yesterday marked the first deflationary year in ETH's history. Total ETH Supply: * August 23, 2022: 120,224,061 * August 23, 2023: 120,213,931

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@Matt_Hougan

Matt Hougan

3 months

Historical context: It's really unusual for new ETFs to have inflows every day. Here's the daily fund flows for GLD (the first gold ETF) after its launch (h/t @etfcom ). It's one of the most successful ETF launches of all time. In month 1, it had: * 8 days of positive flows *…

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Matt Hougan

6 months

Excited to ring the bell at the New York Stock Exchange tomorrow morning.

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@Matt_Hougan

Matt Hougan

2 months

Bitcoin ETFs bought nearly 2X new supply last week.

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Matt Hougan

26 days

1/ Skeptics like @andrewrsorkin wonder if speculation or utility is driving the price of bitcoin. The answer is both, and that’s just how it should be given bitcoin's stage of development. A thread on speculation and bitcoin's growing real-world utility.

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@Matt_Hougan

Matt Hougan

4 months

As we welcome more of TradFi into crypto, let's make sure we're speaking the same language. ** HODL = Buy and Hold ** Respect the Pump = Momentum Factor Investing ** Buy the Dip = Dollar Cost Average ** Fork = Spinoff ** Alt Coin = Small Cap ** Sh^^tcoin = Microcap ** Degen =…

@laurashin

Laura Shin

4 months

❌ Vanguard has disavowed spot #Bitcoin ETFs, and even pulled Bitcoin futures ETFs from its platform. But as @Matt_Hougan points out, Vanguard’s whole philosophy of investing is “buy and hold” 💎👐 , which is TradFi for … HODL 🤔 🎧 Listen now:

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@Matt_Hougan

Matt Hougan

14 days

Takeaway #3 : The IMF is paying attention to bitcoin. This is a serious paper. It's written by three IMF researchers, includes a survey of relevant academic literature, and takes a sophisticated approach to using using on- and off-chain techniques to determine bitcoin capital…

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Matt Hougan

6 months

The problem is: There is basically no one left to sell bitcoin, but there are new people who want to buy.

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Matt Hougan

5 years

Yesterday, the volume of CME bitcoin futures exceeded the volume on the single largest spot bitcoin exchange (Binance): $379m vs. $257m.

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@Matt_Hougan

Matt Hougan

3 months

Spot bitcoin ETFs have taken in ~$700m in net flows this week alone. Absolutely amazing. People overestimated the short-term impact of ETFs and continue to dramatically underestimate the long-term impact.

@JSeyff

James Seyffart

3 months

Update for the #Bitcoin ETF Cointucky Derby as of Jan 31. Another net inflow day of near $200 million. Total net inflows of $1.46 billion since launch

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@Matt_Hougan

Matt Hougan

3 months

Today, $BITB crossed $1 billion and Bitcoin crossed $1 trillion. Both are just getting started. [BITB disclosures & prospectus: ]

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@Matt_Hougan

Matt Hougan

5 months

I just needed the cufflinks...

@BitwiseInvest

Bitwise

5 months

Who says it better? #bitcoinisinteresting @Matt_Hougan

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@Matt_Hougan

Matt Hougan

17 days

1/ Everyone wants to know if the bitcoin halving is priced in or not. IMO you can overthink this — of course cutting new supply in half is good for price. But if you need to delve into economic theory and the Efficient Markets Hypothesis on this, here goes.

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@Matt_Hougan

Matt Hougan

2 months

Keep it simple. Supply and demand.

@saylor

Michael Saylor⚡️

2 months

"With #Bitcoin right now ... there is too much demand and not enough supply." - Matt Hougan, CIO Bitwise

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Matt Hougan

3 years

7/12 But by forcing people to choose the NFT or the painting, Hirst makes people confront the “value” of art. Which will be more valuable? A small painting of dots you can hang on a wall, or an NFT you can own that raises fundamental questions about the nature of art?

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@Matt_Hougan

Matt Hougan

1 month

Great thoughts, @APompliano . My response to the "cash flow" argument: Bitcoin offers a service: The ability to store wealth without relying on a central institution, and in a manner outside of the fiat system. What breaks people's minds ... and Wall Street's models ... is that…

@APompliano

Pomp 🌪

1 month

The Last Gasp From Wall Street There is an article in the Wall Street Journal titled "Bitcoin Is Soaring This Year. Goldman’s Crypto Skeptic Isn’t Biting.” The piece profiles Goldman Sachs’ Wealth Management Chief Investment Officer Sharmin Mossavar-Rahmani, who happens to be…

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@Matt_Hougan

Matt Hougan

3 months

We ended up at $142 million in trading volume, an all-time record -- even surpassing launch day. Thank you to everyone supporting BITB. [View BITB disclosures & prospectus: ]

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BITB | Bitwise Bitcoin ETF

BITB provides low-cost access to bitcoin through a traditional, professionally managed ETF.

@Matt_Hougan

Matt Hougan

3 months

BITB has traded almost $80m in volume today and it's not even noon in New York. Could set a new all-time volume record if this keeps up ($126m on day one). Amazing to see interest not just holding, but accelerating. [BITB disclosures & prospectus: ]

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Matt Hougan

3 years

12/12 NFT natives may not find the project interesting, as it straddles the line, rather than embracing the NFT ecosystem completely. But in so doing, it can help people from outside the crypto world think more clearly about why and how NFTs (and art in general) have value.

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@Matt_Hougan

Matt Hougan

8 months

BlackRock. Visa. Nike. Starbucks. PayPal. Probably nothing.

@cuysheffield

Cuy Sheffield

8 months

1/ We are excited to announce that Visa has expanded our stablecoin settlement capabilities to merchant acquirers launching pilots with @Worldpay_Global and @Nuvei utilizing the Solana blockchain

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@Matt_Hougan

Matt Hougan

2 months

The community notes on this one are 10/10.

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@ecb

European Central Bank

2 months

Bitcoin has failed to become a global decentralised digital currency, instead falling victim to fraud and manipulation. The recent approval of an ETF doesn’t change the fact that Bitcoin is costly, slow and inconvenient, argues #TheECBBlog

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@Matt_Hougan

Matt Hougan

3 months

Coinbase has crushed Wall Street analyst projections in each of the past four quarters. Anti-crypto bias? Or just a failure to understand how crypto cycles work?

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@Matt_Hougan

Matt Hougan

3 years

Every time I have to send a bank wire I’m reminded crypto is inevitable.

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@Matt_Hougan

Matt Hougan

2 months

Sometimes I look at bitcoin's rise and it seems improbable. Then I look again and it seems inevitable.

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@Matt_Hougan

Matt Hougan

7 months

Bitcoin is an alternative asset. Ethereum is a high-growth tech investment.

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@Matt_Hougan

Matt Hougan

2 months

Wow.

@GayatriPC_

Gayatri

2 months

Bitcoin purchased by ETFs doubled since Monday (3/11)

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@Matt_Hougan

Matt Hougan

7 months

Remember when TradFi projects were built on private blockchains? They are all being built on Ethereum today. Progress.

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UBS Launches Tokenization Trial on Ethereum - Decrypt

The initiative is part of the Monetary Authority of Singapore's Project Guardian to tokenize real-world assets.

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@Matt_Hougan

Matt Hougan

1 year

March crypto trading volume: Uniswap: $70.7 billion Coinbase: $49.4 billion This is not an April Fool's joke.

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@Matt_Hougan

Matt Hougan

2 months

This age-old graphic of technology adoption feels apt. With the bitcoin ETF, we have jumped "The Chasm" from the "Early Market" to the "Mainstream Market." The thing people forget is that the vast majority of the market -- 85% typically -- is to the right of the chasm. It…

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@Matt_Hougan

Matt Hougan

3 months

The bitcoin ETF session was one of the most crowded sessions I saw at the Exchange ETF conference.

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@Matt_Hougan

Matt Hougan

1 year

Coinbase vs. SEC is going to be good for crypto long term.

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@Matt_Hougan

Matt Hougan

2 months

Satoshi liking pineapple on pizza should be added to the Risk Disclosures section for bitcoin ETFs.

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@Matt_Hougan

Matt Hougan

18 days

Ray Dalio is asking a good question today.

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Do You Have Enough Non-Debt Money?

Good money is both a good medium of exchange and a good storehold of wealth that is widely accepted around the world. The most globally recognized and accepted monies are the dollar, to a lesser...

www.linkedin.com

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@Matt_Hougan

Matt Hougan

3 months

Big Ethereum upgrade confirmed for March 13. Bitcoin halving on track for April 18. ETFs continuing to gather assets. My cup runneth over.

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@Matt_Hougan

Matt Hougan

14 days

Takeaway #1 : Countries that have limited access to the broader global economy are big users of bitcoin on a relative basis. The paper notes: “The magnitudes of the estimated Bitcoin cross-border flows are sizeable with respect to several countries’ GDP, especially in those…

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Matt Hougan

9 months

I’ve never seen a bigger or more unnecessary macro financial policy miss than our current approach to stablecoins. We’ve been gifted a one-time, fleeting, unearned opportunity to extend global dollar dominance for another 50 years, and we’re like, “Nah.”

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@Matt_Hougan

Matt Hougan

7 months

1/ NEW: Bitwise Spot Bitcoin ETF Update NYSE today filed an amended application to list the Bitwise Bitcoin ETF Trust, complete with 40+ pages of new research from Bitwise. The research addresses key concerns the SEC has raised around spot bitcoin ETFs. Here’s why it matters —

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@Matt_Hougan

Matt Hougan

6 months

BlackRock supports b̵i̵t̵c̵o̵i̵n̵ e̵t̵h̵e̵r̵e̵u̵m̵ crypto.

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@Matt_Hougan

Matt Hougan

3 years

10/ Last thing. Props to you—crypto community—for steering the space to mature in the right ways. Props to the SEC Staff, who works thanklessly, asking the right questions. And thanks of course to my @bitwiseinvest colleagues doing the work that needs to be done. Onward—

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@Matt_Hougan

Matt Hougan

6 months

Coinbase revenue coming out of the previous bear market: 2018: $520 million (down 44% y-o-y) 2019: $483 million (down 7% y-o-y) 2020: $1,141 million (up 136% y-o-y) Coinbase revenue coming out of this bear market: 2022: $3,148 million (down 57% y-o-y) 2023: $2,860 million,…

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@Matt_Hougan

Matt Hougan

2 months

Thank you to every investor who has trusted Bitwise and $BITB. Excited to cross $2 billion. BITB disclosures & prospectus:

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BITB | Bitwise Bitcoin ETF

BITB provides low-cost access to bitcoin through a traditional, professionally managed ETF.

@BitwiseInvest

Bitwise

2 months

Today, $BITB crossed $2B in AUM two months after launch. We’re grateful to the advisors, institutions, and individuals who have entrusted Bitwise as their crypto specialist. - Lowest-cost bitcoin ETF among those with at least $1 billion in AUM - Largest inflows of any crypto…

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@Matt_Hougan

Matt Hougan

4 months

I spent 15 years educating people about ETFs, including as CEO of . Sometimes, it was hard to get people to remember what E, T and F stood for. Now, thanks to the bitcoin ETF race, everyone is talking about Authorized Participants, 19b4 applications, and…

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Matt Hougan

6 months

An obvious, but unspoken, implication of this is that the SEC will be staffed by people who dislike crypto. The only people with "crypto expertise" and "a willingness to divest 100% of their crypto" are deep-seated skeptics. This rule enforces a strong bias in hiring.

@JSeyff

James Seyffart

6 months

Shocking

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@Matt_Hougan

Matt Hougan

3 years

5/12 The fun part is: After a year, the owners have to decide: Do they want to keep the NFT or the physical painting? Whichever they choose, the other gets destroyed.

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@Matt_Hougan

Matt Hougan

3 months

Bitcoin ETFs will of course someday have outflows. Every ETF does. But Bianco's analysis misses some important nuances. 1) First, we already have this trader/investor dynamic in bitcoin ETFs. To explain: There is actually a reason VOO gets steady flows and SPY sees variable…

@biancoresearch

Jim Bianco

@biancoresearch

3 months

Two identical ETFs in every way * VOO, Vanguard S&P 500 ETF. $406 Billion in Assets * SPY, SPDR S&P 500 ETF. $488 Billion in Assets So why did VOO go straight up to the left without much wobble and get $96 billion in new money? Why did SPY, arguably the most famous ETF in the…

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@Matt_Hougan

Matt Hougan

5 years

Ray Dalio's recent "Paradigm Shifts" thesis is driving investors into bitcoin. I explained why in my latest Forbes column.

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@Matt_Hougan

Matt Hougan

2 months

Yep.

@WClementeIII

Will

2 months

Acceleration

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@Matt_Hougan

Matt Hougan

23 days

I just read 185 pages of quality research from Citi on the rise of public blockchains, with a focus on stablecoins, gaming and NFT-linked art. Here's a quote: Why do we believe the growth of blockchain by 2030 will be measured in: (1) billions of users, and (2) trillions of…

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@Matt_Hougan

Matt Hougan

2 months

The most controversial thing I said on stage at @blockworksDAS today: Spot Ethereum ETFs will gather more assets if they launch in December vs. if they launch in May. TradFi needs more time to digest the bitcoin ETFs.

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@Matt_Hougan

Matt Hougan

3 months

BITB has traded almost $80m in volume today and it's not even noon in New York. Could set a new all-time volume record if this keeps up ($126m on day one). Amazing to see interest not just holding, but accelerating. [BITB disclosures & prospectus: ]

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@Matt_Hougan

Matt Hougan

2 months

Repeat after me: ETFs will augment, not disrupt, Coinbase's business. We saw the same thing with gold, where demand for physical gold bars soared post-ETF. Will ETFs steal some market share from Coinbase? Of course. Will market expansion more than outweigh this? Of course.

@brian_armstrong

Brian Armstrong

@brian_armstrong

2 months

Apps are now recovering. We had modeled a ~10x surge in traffic and load tested it. This exceeded that number. It's expensive to keep services over-provisioned, but we'll need to keep working on auto-scaling solutions, and killing any remaining bottlenecks. Thank you for…

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@Matt_Hougan

Matt Hougan

3 months

That didn't take long. If you were wondering if bitcoin ETFs were going to change the tone around crypto regulation in Washington, here's your answer.

@EricBalchunas

Eric Balchunas

3 months

US banks, left off key bitcoin ETF roles, are pushing SEC to tweak guidance around holding digital assets. A bank trade gp coalition sent SEC letter asking them exclude ETFs from broad crypto umbrella. They want a piece of the action. I don't blame them, it isn't fair.…

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@Matt_Hougan

Matt Hougan

9 months

Coinbase's execution this year is incredible. Cut spending 50% y-o-y, launched Base, and landed the FCM ... all while distracted by a major lawsuit. Impressive.

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@Matt_Hougan

Matt Hougan

5 months

This one might be my favorite.

@BitwiseInvest

Bitwise

5 months

@saylor He thought you'd like to know...

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@Matt_Hougan

Matt Hougan

4 months

I spoke too soon: We actually ended at $104 million in $BITB volume today. Incredible. [BITB disclosures & prospectus: ]

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BITB | Bitwise Bitcoin ETF

BITB provides low-cost access to bitcoin through a traditional, professionally managed ETF.

@Matt_Hougan

Matt Hougan

4 months

Today was the 2nd highest volume day for $BITB volume (~$90 million). Incredible. [BITB disclosures & prospectus: ]

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@Matt_Hougan

Matt Hougan

3 years

8/ It’s great news for all! The SEC wants investor protection. So do all of us. A BTC ETF would be better for investors. So, after 2 years, we're filing again, today —

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@Matt_Hougan

Matt Hougan

3 years

The word "Uniswap" has yet to appear in The Wall Street Journal, the Financial Times, Barron's, or the Economist.

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@Matt_Hougan

Matt Hougan

6 months

The most important stat in Coinbase's Q3 earnings is this: * Transaction Revenues: $289m * Subscription & Services Revenues: $334m It's the first time non-commission revenues have exceeded commission-based revenues. People worry too much about whether there will be a…

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@Matt_Hougan

Matt Hougan

3 years

7/ The CME is now the leading source of price discovery in the bitcoin market! That’s compared to Coinbase, Kraken, Binance, Huobi, BitMEX and even FTX. Prices statistically move first on the CME. The market has matured. An actual BTC ETF can now be approved.

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@Matt_Hougan

Matt Hougan

3 years

8/12 I don’t think the answer is obvious. In fact, I have a strong suspicion that the NFTs will be more valuable in the end. In part, because the first Hirst NFT has a bigger place in the history of art than the umpteen-thousandth Hirst dot painting.

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@Matt_Hougan

Matt Hougan

3 years

11/12 But the Hirst NFT/painting hybrids are unquestionably valuable, and directly ask the question: Why do we value art? Because of its physical presence? Because of what it makes us think about? Because of its social signaling? Because it helps define community?

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@Matt_Hougan

Matt Hougan

2 months

A sea wall can slow the advancing tide, but it cannot stop it.

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@Matt_Hougan

Matt Hougan

3 months

Bitcoin has only been declared "dead" by the media once in the past nine months. I remember when this happened at least weekly.

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@Matt_Hougan

Matt Hougan

3 years

Wow. You can hear the panic starting to set in at the banks in every line of this New York Times article. They are starting to feel crypto breathing down their necks.

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Banks Tried to Kill Crypto and Failed. Now They’re Embracing It (Slowly). (Published 2021)

Digital payments technology is forcing the financial system to evolve. Banks feel their power waning and want to regain control.

www.nytimes.com

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