The US President Donald Trump has formally established a strategic Bitcoin reserve last week—an action that has ignited both celebration and concern across the industry. At the heart of this debate is one central question: Will Bitcoin become a geopolitically important global macro asset like gold, or will it remain a niche holding among libertarians, cypherpunks, and speculators? That is the core takeaway from Bitwise’s latest investor memo, authored by Chief Investment Officer Matt Hougan. Titled “The Only Question That Matters in Bitcoin” and dated March 10, 2025, the memo underscores how the long-term prospects of Bitcoin may hinge on whether governments worldwide—starting with the United States—view it as indispensable enough to keep building strategic reserves. The One Big Question For Bitcoin In the memo, Hougan highlights the striking nature of the US government’s decision, writing: “Fifteen years after Bitcoin was created—a decade and a half of ridicule and skepticism, of people calling it a ‘pet rock’ and ‘rat poison squared’—the US government declared Bitcoin a ‘strategic’ asset that ‘shall not be sold.’” He argues that Bitc ..
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