‘All Roads (Still) Lead to Bitcoin’ Says Hougan Despite Peter Schiff’s Doubts

Bitwise CIO Matt Hougan argues that several economic paths could eventually support Bitcoin. Peter Schiff questions why it has not come under greater pressure already. Their comments address different time horizons: a long-term investment thesis and an immediate objection to market pricing.

Hougan’s bullish case allows for an initial sell-off

“All Roads (Still) Lead to Bitcoin,” Hougan wrote, summarising his October 14 memo, “Choose Your Own (Macro) Adventure.” He considers an AI boom, an AI bust and a less dramatic economic outcome, arguing that each could eventually support Bitcoin, but through different mechanisms.

There are a lot of different paths for the economy. All of them lead to bitcoin. https://t.co/lukLJPDrcn

— Matt Hougan (@Matt_Hougan) October 14, 2026

In the bust scenario, Hougan describes falling growth assets, defaults by data-centre borrowe...