A quote from Bitwise research head Ryan Rasmussen has been circulating widely: sovereign wealth funds are selling gold to buy bitcoin, using BTC alongside gold to hedge against currency depreciation.
In their first institutional survey, astonishingly, none of the interviewed large institutions said they had sold out.
The numbers look impressive, but that doesn’t necessarily signal a bullish bet. Sovereign funds’ action cycles are measured in years, and the survey sample size is also relatively small—“no one is selling” can only mean that long-term holdings remain stable, not that demand is surging.
What may be worth focusing on instead is the transmission chain:
Of the money freed up from gold, how much truly went into crypto, and how much is merely sitting in cash and waiting.
The direction is right—the key is the pace.
In their first institutional survey, astonishingly, none of the interviewed large institutions said they had sold out.
The numbers look impressive, but that doesn’t necessarily signal a bullish bet. Sovereign funds’ action cycles are measured in years, and the survey sample size is also relatively small—“no one is selling” can only mean that long-term holdings remain stable, not that demand is surging.
What may be worth focusing on instead is the transmission chain:
Of the money freed up from gold, how much truly went into crypto, and how much is merely sitting in cash and waiting.
The direction is right—the key is the pace.