Bitwise CIO Says “The Most Powerful People in Finance” Are Buying Bitcoin and Crypto

Matt Hougan, chief investment officer of Bitcoin and crypto asset manager Bitwise Investments, claims that “the most powerful people in finance” are allocating to Bitcoin and crypto.

In a note, Hougan described a telling moment at a recent financial advisor summit hosted by Barron’s magazine. When asked, almost all participants said they personally own Bitcoin and crypto assets.

Bitwise is a leading provider of Bitcoin and crypto index funds with over $4.5 billion in assets under management. Earlier this year, the company obtained regulatory approval for the first Bitcoin exchange-traded fund (ETF) in the US

Hougan said that when he asked the same question at previous advisor summits, only 10-20 percent would raise their hands. About 70% said they own Bitcoin and crypto this year, which is a big change.

While fewer said they have allocated Bitcoin and crypto to customer accounts yet, Hougan expects this to follow within 6-12 months based on past trends. He called it “one of the strongest signs of the times” that top financial advisors are buying Bitcoin and crypto themselves.

Hougan believes the launch of Bitcoin ETFs this year, which opened up access to Bitcoin for more investors, sparked the shift. But he says when advisers buy Bitcoin in person, it builds familiarity and paves the way for subsequent client allocations.

The anecdote reveals the rise of Bitcoin ownership among influential financial professionals. As these elite advisors and money managers embrace Bitcoin, it validates and likely foreshadows a larger wave of institutional adoption.