Bitwise CIO: Finance’s Elite Are Investing in Bitcoin and Crypto

Matt Hougan, the chief investment officer at Bitwise Investments, a prominent Bitcoin and crypto asset management firm, asserts that the “most powerful figures in finance” are increasingly investing in Bitcoin and other cryptocurrencies.

BREAKING: $4.5 billion Bitwise CIO states, “the most powerful figures in finance” are investing in #Bitcoin and crypto.

Are you taking note? pic.twitter.com/NrRfSstkkr

— Bitcoin Magazine (@BitcoinMagazine) September 24, 2024

In a recent memo, Hougan recounted a significant moment at a recent financial advisor summit held by Barron’s magazine. He noted that nearly all attendees indicated they personally owned Bitcoin and crypto assets.

Bitwise is a leading provider of Bitcoin and crypto index funds, managing assets exceeding $4.5 billion. Earlier this year, the firm received regulatory approval for the first Bitcoin exchange-traded fund (ETF) in the United States.

When Hougan posed the same question at previous advisor summits, only 10-20% of attendees would raise their hands. This year, approximately 70% acknowledged owning Bitcoin and crypto, indicating a remarkable transformation.

Although fewer attendees reported allocating Bitcoin and crypto in client accounts yet, Hougan anticipates that this trend will follow within the next 6-12 months, based on historical patterns. He referred to this shift as “one of the most powerful signs of the times,” with top financial advisors personally investing in Bitcoin and crypto.

Hougan attributed the surge in interest to the introduction of Bitcoin ETFs this year, which expanded Bitcoin access to a broader range of investors. He emphasized that when advisors invest in Bitcoin personally, it fosters familiarity and paves the way for subsequent client allocations.

This observation indicates the growing Bitcoin ownership among prominent finance professionals. As these elite advisors and money managers adopt Bitcoin, it validates and is likely to presage a larger wave of institutional acceptance.