Bitwise CIO: Bitcoin Wins Whether AI Booms or Busts

Hougan's framing is notable less for its conclusion than for its structure: it treats bitcoin as a hedge whose payoff is decoupled from the AI cycle's direction, which is a harder claim to falsify than a simple bull case. The bailout leg is the more contestable half, since it assumes fiscal and monetary responses would flow toward scarce assets rather than safe havens. Whether that transmission holds is the open question, and it is the part of the thesis most exposed to how policymakers actually behave.