In this episode of Exploring Prosperity, I sit down with Matt Hougan, CIO of Bitwise, and Ryan Rasmussen, Head of Research, to unpack their groundbreaking report on Bitcoin’s long-term capital market assumptions. We cover why Bitcoin is increasingly viewed as a hedge against U.S. debt and deficits, how institutional investors are approaching allocation, the rise of corporate treasuries adopting Bitcoin, and the risks every investor should understand.

Key topics we discuss include:

* Why Bitcoin is gaining traction with pensions, endowments, and other institutions

* The surge in corporate Bitcoin buyers and the impact of limited supply

* The U.S. debt crisis, inflation concerns, and reserve currency debates

* How to think about risk: volatility vs. conviction

* Long-term catalysts like regulation, ETFs, and central bank adoption

Matt and Ryan explain why they believe Bitcoin could capture 1–5% of institutional portfolios — representing trillions in potential inflows — and why the supply-demand equation makes this moment so pivotal. Whether you’re a long-term investor, corporate leader, or simply curious about Bitcoin’s future, this conversation offers rare insights from two of the sharpest minds in crypto research.

Learn why Bitcoin may be one of the most important assets for the next decade. Read their report here: Bitcoin Long-Term Capital Market Assumptions: 2025

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Timestamps:

00:00 Introduction to Bitcoin's Capital Market Assumptions

02:56 Understanding Bitcoin's Value Proposition

06:03 The Macro Economic Landscape and Debt Concerns

09:05 The Role of Gold and Central Banks

12:42 Regulatory Environment and Institutional Interest

15:45 Bitcoin's Scarcity and Demand Dynamics

18:58 Risks and Future Outlook for Bitcoin

38:22 The Rise of Corporate Bitcoin Adoption

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