This week, CIO of Bitwise Matt Hougan joins the show to discuss fading the power of the four-year cycle, the accelerating wave of institutional adoption, and whether Strategy selling its Bitcoin is a real risk. Matt also weighs in on the Santi-Haseeb L1 debate, balancing token value with investment, and what he thinks drives the next phase of growth. Enjoy!
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Follow Matt: https://x.com/Matt_Hougan
CIO Memo: https://bit.ly/4pK4gmC
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Follow Santi: https://x.com/santiagoroel
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This Empire episode is brought to you by VanEck.
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Timestamps
00:00 Intro
03:28 2026 vs The Four Year Cycle
05:06 Bitcoin Covered Call Strategy
07:44 The Case Against The 4-Year Cycle
11:14 Ads (Zcash, Katana)
12:31 Will Strategy Sell Its Bitcoin?
16:36 Inside The Institutional Mind
24:24 How Advisors Think About Crypto
27:40 The Best Stories In Crypto
30:23 Ads (Zcash, Katana)
31:39 Risk-First Investing
33:01 L1 Debate: Haseeb vs Santi
36:19 Balancing Token Value & Investment
40:16 Ads (VanEck, Uniswap)
41:58 Zcash & The Privacy Narrative
44:29 The Future Of ICOs
46:55 The Token-Equity Convergence
48:19 Final Thoughts
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
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