Matt Hougan, Bitwise | Tokenisation, Bitcoin and the Future of Asset Management

What will drive crypto’s next major cycle: Bitcoin, stablecoins, tokenisation, or something much bigger? Matt Hougan, Chief Investment Officer at Bitwise, joins Lloyd Wahed to break down how institutional investors are really approaching crypto, why adoption often takes years, and what finally gets capital off the sidelines. He explains why Bitcoin should be understood as a service, makes the long-term case for a $1 million price, and argues that investors spend too much time trying to call the bottom instead of thinking about where the top could be. The conversation also explores why advisers and family offices are increasingly focused on stablecoins and tokenisation, who could become the “NVIDIA of tokenisation”, and why crypto-native firms may continue to thrive even as giants such as BlackRock enter the market. Matt also sets out his conviction that on-chain vaults could become one of the most important innovations in asset management since the ETF. Beyond the markets, he reflects on his unconventional path into finance, the principles that shaped his career, and the skill at the heart of his success: taking complex ideas, reducing them to first principles, and making them easy to understand. A wide-ranging conversation on Bitcoin, institutional capital, tokenisation and the future architecture of finance. FOLLOW on X! Matt Hougan: @matt_hougan Bitwise: @bitwise Lloyd: @lloydwahed