Financial markets have seen a distinct shift in asset class performance since the beginning of 2020, with "tech" and "hard assets" emerging as the top performers, according to a recent analysis shared by Matt Hougan, Chief Investment Officer at Bitwise Asset Management. Hougan, a recognized expert in crypto, ETFs, and financial technology, posited on social media that this trend is likely to define the entire decade.
"Asset class returns since the start of 2020 tell you a very clear story: What's worked best is 'tech' (ETH + QQQ) and 'hard assets' (BTC + GOLD). Feels like this story will last the entire decade," Hougan stated in his tweet.
The Invesco QQQ Trust (QQQ), tracking the Nasdaq-100 index, has demonstrated robust growth, with cumulative returns exceeding 160% from January 2020 to August 2025, based on annual performance data. This strong showing underscores the continued dominance of technology and growth-oriented companies. Ethereum (ETH), a leading cryptocurrency, has also experienced substantial appreciation, driven by its foundational role in decentralized applications and smart contracts, despite periods of significant volatility.
In the "hard assets" category, Bitcoin (BTC) has delivered exceptional returns, frequently outperforming traditional investments. While marked by considerable price swings, Bitcoin has reached new all-time highs and seen substantial institutional interest, reinforcing its "digital gold" narrative. Gold, a traditional safe-haven asset, has also shown resilience and strong performance, particularly in times of economic uncertainty and rising inflation concerns, with notable gains in recent years.
Hougan's perspective aligns with broader market observations that highlight the increasing importance of digital assets and the enduring value of tangible stores of wealth. As Chief Investment Officer at Bitwise, the world's largest crypto index fund manager, Hougan's insights often focus on the role of cryptoassets in diversified portfolios. The sustained performance of these asset classes reflects evolving investor preferences and macroeconomic factors.
The ongoing strength in technology and the emergence of cryptocurrencies as significant asset classes suggest a fundamental shift in investment landscapes. Hougan's prediction of this story lasting the entire decade emphasizes a belief in the long-term structural tailwinds supporting these sectors, from technological innovation to global economic conditions.