Bitwise Asset Management This story is available exclusively to Insider subscribers. Become an Insider and start reading now. Matt Hougan is the chief investment officer of San Francisco-based Bitwise Asset Management, whose $542 million Bitwise 10 Crypto Index Fund (BITW) has returned 242% since its launch. Hougan and Bitwise researcher David Lawant break down five approaches to valuing bitcoin and cryptocurrencies in a new 64-page research brief published by the CFA Institute. Their research suggests that while there is no perfect way to value bitcoin, adding the digital asset to a traditional 60/40 portfolio has historically had a positive long-term impact on performance. After a blockbuster year during which it gained over 300%, bitcoin appears to be headed towards an even better outcome in 2021.