Bitwise Head of Research Ryan Rasmussen: Sovereigns Selling Gold for Bitcoin
Key Takeaways
- •Bitwise's first institutional crypto adoption report found that none of the 15 major institutions interviewed sold Bitcoin during the roughly 52% drop from $125,000 to $60,000, and many increased their positions.
- •The report's debasement thesis argues that fixed-supply assets like Bitcoin and gold can retain value as government money supply expands, prompting institutions to hold both rather than choose one.
- •Institutions are using single-digit Bitcoin allocations, with Wells Fargo at 2–3% and Fidelity and BlackRock at 2–8%.
- •Rasmussen said ETFs made this bear market shallower, with about $2.5 billion in weekly ETF inflows representing a new wave of capital.
- •The report claims sovereign wealth funds are selling gold to buy Bitcoin, a notable shift given gold's traditional role as the primary sovereign reserve asset.
Bitwise head of research Ryan Rasmussen says that when Bitcoin fell from $125K to $60K, a decline of roughly 52%, not one of the 15 major institutions Bitwise interviewed sold their holdings — and many bought more. The interview takes up the why behind that holding pattern at the 0:49 mark.
Rasmussen detailed the findings in a video interview with Bitcoin Magazine, breaking down the firm's first institutional crypto adoption report. The research examines crypto adoption across pensions, endowments, foundations, and sovereign wealth funds, and explores why these institutions treat Bitcoin alongside gold as a hedge against debasement.
The debasement thesis at the center of the report is the idea that assets whose supply cannot be readily expanded — gold mined from the earth, Bitcoin issued on a fixed schedule — can hold their value when the supply of government money grows. Under that framing, the institutions in the study hold Bitcoin and gold side by side rather than choosing between them, a point the interview addresses directly at the 9:36 mark.
The interview is organized into the following timestamped chapters:
- 0:00 – Ryan Rasmussen on Bitwise's Institutional Crypto Adoption Report
- 0:49 – Why no institutions sold Bitcoin during the bear market
- 1:45 – Wells Fargo's 2–3% Bitcoin allocation and the debasement thesis
- 3:45 – Fidelity, BlackRock, and 2–8% Bitcoin allocations
- 4:50 – How ETFs made this Bitcoin bear market shallower
- 6:24 – $2.5 billion in weekly ETF inflows and a new wave of capital
- 7:06 – Why Bitwise believes the Bitcoin bottom was $60K
- 9:36 – Why institutions hold both Bitcoin and gold
- 11:37 – Sovereign wealth funds selling gold to buy Bitcoin
- 15:17 – Why Bitcoin isn't correlated to bonds, gold, or stocks
For readers short on time, the claim behind the headline lands at the 11:37 mark — sovereign wealth funds selling gold to buy Bitcoin — a claim that stands out given gold's long-standing role as the traditional reserve asset for sovereigns. The discussion also leaves readers with concrete markers to track: weekly ETF inflows, cited at $2.5 billion, and the single-digit allocation ranges in use at Wells Fargo (2–3%) and at Fidelity and BlackRock (2–8%).
The full interview is available on Bitcoin Magazine's YouTube channel and in the original post.
Disclaimer: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.
This post, "Bitwise Head of Research: Sovereigns Selling Gold for Bitcoin | Ryan Rasmussen", first appeared on Bitcoin Magazine and was written by Patrick Green.
