How Bitcoin Could Solve the Global Pension Crisis with Strive CEO Matt Cole
February 25, 2025
On this episode of Scarce Assets, a show presented by Onramp, Strive Asset Management CEO Matt Cole argues that bitcoin could help address the global pension crisis. A former CalPERS fixed-income portfolio manager, Cole covers pension funding gaps, entitlement pressure, institutional and corporate bitcoin adoption, and the concept of a bitcoin hurdle rate for capital allocation.
Strive Asset Management CEO Matt Cole joins Jackson Mikalic, Glenn Cameron, and Tim Kotzman to make his case for bitcoin's role in the pension system. Drawing on his years managing fixed income at CalPERS, Cole covers the funding gap facing pensions and entitlements, why he believes bitcoin belongs in institutional portfolios, corporate adoption, the bitcoin hurdle rate, and where AI intersects with the thesis.
Chapters
00:00 - Introduction to Scarce Assets 01:41 - Matt Cole's Journey from CalPERS to Strive 06:53 - The Intersection of ESG, DEI, and Bitcoin 13:23 - The Pension Crisis and Bitcoin's Role 19:56 - Institutional Adoption of Bitcoin 26:24 - Entitlements and Bitcoin's Potential 30:55 - Corporate Adoption of Bitcoin 34:47 - Bitcoin as a Savings Vehicle 42:21 - Portfolio Construction and Bitcoin Allocation 47:19 - The Bitcoin Hurdle Rate 51:26 - Future of Bitcoin in Corporate Strategy 57:38 - Integrating AI and Bitcoin 01:01:50 - Outro & Disclaimer
Frequently Asked Questions
Who is Matt Cole?
Matt Cole is the CEO of Strive Asset Management. Before Strive he managed fixed-income portfolios at CalPERS, the largest public pension fund in the United States — an experience the episode draws on throughout (01:41).
How does Cole connect bitcoin to the pension crisis?
Cole argues that structurally underfunded pensions cannot close their gaps with traditional assets alone and makes his case for bitcoin as part of the solution (13:23, 26:24). This is Cole's argument, not investment advice from Onramp.
What is the bitcoin hurdle rate discussed in the episode?
The episode discusses the idea that capital allocators increasingly measure investments against bitcoin's performance as a hurdle rate (47:19), and what Cole argues that implies for portfolio construction (42:21). This is his framework, not portfolio or investment advice from Onramp.
What does the episode say about ESG and DEI?
Cole discusses Strive's critique of ESG and DEI mandates in asset management and how that perspective intersects with the firm's view of bitcoin (06:53).
This episode is editorial and educational content. Onramp does not provide tax, legal, or investment advice. Bitcoin is volatile and may lose value. Past performance does not guarantee future results.