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Matt Hougan: The conflict in Iran may enable Bitcoin to serve a dual purpose., 2026/04/15 12:15:24
The Chief Investment Officer of Bitwise, Matt Hougan, stated that the geopolitical tensions surrounding Iran could enhance Bitcoin’s role within the financial system.
He mentioned that while Bitcoin was previously viewed primarily as an alternative to gold, the current circumstances suggest its potential use as an “alternative currency” as well.
“If Bitcoin begins to serve a dual purpose—acting as a store of value akin to gold and as a currency—we may need to adjust our target benchmarks upwards. In a context where financial channels are utilized as tools of pressure, Bitcoin emerges as a politically neutral alternative,” Hougan remarked.
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He further noted that if Bitcoin is widely adopted in both capacities, its market capitalization could surpass the $34 trillion gold market.
Hougan also highlighted the increasing interest in cryptocurrency amid capital movement restrictions and sanctions. In such scenarios, Bitcoin can function not only as an investment asset but also as a means of financial flexibility, enabling users to navigate traditional infrastructural barriers.
At the same time, he believes that widespread adoption will necessitate the development of infrastructure, enhanced regulatory transparency, and reduced volatility. Without these advancements, it would be premature to discuss genuine competition with fiat currencies.
Previously, Matt Hougan noted that the current Bitcoin cycle differs from earlier ones due to changes in the asset’s ownership structure.
