Hougan believes all four major wirehouses will allow Bitcoin ETF access by year’s end, setting the stage for record inflows
At a recent wirehouse conference, Bitwise CIO Matt Hougan’s keynote signaled a major shift. Hougan believes this long-anticipated move could lead to record-setting inflows into Bitcoin ETFs.
From Doubt to Decision: What It Takes to Believe in Bitcoin
After his talk, Hougan was approached by a conference attendee who had waited quietly in line to ask a single question: “What would Bitcoin be worth if everyone stopped believing in it?” It’s a common fear. Bitcoin is digital, intangible, and lacks the physical “backstop” of assets like gold. If sentiment fails, what’s left? Hougan acknowledged the concern, admitting he’s wrestled with it too.
Still, he flipped the question: What would it take for you to believe Bitcoin is here to stay? For investors on the fence, that question can be clarifying. And the answers have changed dramatically in recent years. Here is a conversation he had about Institutional Bitcoin adoption:
— J64 (@JBerneburg) April 16, 2025
So, Bitcoin’s journey to legitimacy is already underway. Custody is no longer a roadblock—Coinbase and Fidelity both provide secure storage, while BNY Mellon is catching up. Trading partners now include top-tier firms like Jane Street and Cumberland. Nine of the world’s ten largest hedge funds hold Bitcoin. University endowments like Emory’s, state pension funds like Texas Teachers, and big names like Ray Dalio have all added exposure. Public companies from Tesla to MicroStrategy hold Bitcoin on their balance sheets. ETFs now provide easy access. And even BlackRock recommends a 2% Bitcoin allocation in investor portfolios.
U.S. regulatory clarity is also improving, with market structure legislation in the pipeline. Meanwhile, the government itself is reportedly building a strategic Bitcoin reserve. For Hougan’s skeptic, that list was enough. After a pause, he nodded and said, “I’m going to buy Bitcoin.”
Don’t Wait for the Crowd, Says Saylor
While some investors might be tempted to wait until Wall Street fully opens the door, others are urging action now. MicroStrategy Chair Michael Saylor, a long-time Bitcoin advocate, recently warned against waiting for institutions to move first. “By the time the pitch is being made to every client, the price will already reflect it,” he said.
When banks finally bless Bitcoin
and the experts agree it’s a good idea,
everyone will want to buy it,
no one will need to sell it,
and you won’t be able to afford it.— Michael Saylor (@saylor) April 28, 2025
The rise of spot Bitcoin ETFs has already changed the landscape. BlackRock and Fidelity’s Bitcoin ETFs, for example, have drawn in billions since launching in early 2024. But broader institutional marketing could take things to another level.
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