About this episode
Get your tickets to OPNEXT 2026 before prices increase! Join us on April 16 in NYC for technical discussions, investor talks, and intimate conversation with the brightest minds in Bitcoin.
Matt Hougan, CIO of Bitwise, joins us to talk about the current state of the crypto winter and when the bottom is finally in. We explore the digital gold narrative, explaining why central bank buying—not debasement—drove gold’s recent surge. Matt details the institutional vs. retail divide, the impact of Fed Chair Kevin Warsh, and the looming debate over Bitcoin’s security budget. Plus, we tackle the quantum discount and how AI agents could 1000x on-chain activity.
Subscribe to the newsletter! https://newsletter.blockspacemedia.com
Notes:
* Altcoins like Sui and Aptos fell 70%+ in 2025.
* Institutions might end the winter by Q2 2026.
* BTC volatility capped at 50-60% drawdowns.
* Gold price surge driven by central bank buys.
Timestamps:
00:00 Start
03:22 Is it still "crypto winter"?
04:34 Why January?
06:36 Market segments
08:31 Gold
10:54 Central banks & Bitcoin
12:56 Causes of the crash
14:52 Kevin Warsh
16:58 Fed hawks become doves
17:34 Quantum... oh so scary!
19:59 Bitcoin Core
21:44 Revenue
24:37 Beyond "digital gold" narrative
26:44 AI
?CleanSpark, America's Bitcoin Miner!
CleanSpark (Nasdaq: CLSK) is a market-leading data center developer with a proven track record of success. We own a portfolio of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.
Learn more about your ad choices. Visit megaphone.fm/adchoices
