Sovereign Wealth Funds Selling Gold to Buy Bitcoin, Says Bitwise Research Head

According to Bitwise head of research Ryan Rasmussen, none of the 15 large institutions the firm surveyed sold their bitcoin when the price fell from $125,000 to $60,000; many actually added to their positions. Rasmussen was discussing the company's inaugural institutional crypto adoption report, which looks at allocations by pensions, endowments, foundations and sovereign wealth funds and explains why those entities treat both bitcoin and gold as hedges against currency debasement.

Chapter topics:

• 0:00: Ryan Rasmussen introduces the firm's institutional crypto adoption report.
• 0:49: Explanation of why no institutions sold bitcoin during the bear market.
• 1:45: Discussion of Wells Fargo's 2–3% bitcoin allocation and the debasement thesis.
• 3:45: Coverage of Fidelity, BlackRock, and allocations ranging from 2% to 8%.
• 4:50: How exchange-traded funds made this bitcoin bear market shallower.
• 6:24: Weekly ETF inflows of $2.5 billion and a new wave of capital.
• 7:06: Bitwise's belief that the bitcoin bottom was $60,000.
• 9:36: Reasons why institutions hold both bitcoin and gold.
• 11:37: Sovereign wealth funds selling gold to buy bitcoin.
• 15:17: Explanation of bitcoin's lack of correlation to bonds, gold, or stocks.

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