Bitcoin (BTC) Outperforms Gold Amid Macro Uncertainty, Bitwise CIO Stays Optimistic

Matt Hougan, Chief Investment Officer (CIO) of Bitwise Asset Management, expressed optimism about Bitcoin's long-term potential, noting that the world's leading cryptocurrency has gained 24.3% since Election Day, outperforming gold and traditional stock indexes such as the S&P 500 and NASDAQ.

Hougan attributed Bitcoin's short-term volatility to volatile market conditions, with concerns about inflation and interest rate policy continuing to affect the global economy. However, he emphasized that Bitcoin's strong performance post-election has helped investors maintain confidence as the market prepares for a potential recovery.

In another bold prediction, Hougan suggested that Bitcoin could hit $1 million by 2029, thanks to rapid institutional adoption, regulatory clarity, and long-term demand outpacing new supply.

These comments from Hougan reinforce the view that Bitcoin is increasingly seen as a reliable store of value, especially in volatile macroeconomic contexts.