Morgan Stanley's Amy Oldenburg says the case for Bitcoin as digital gold is "a pretty strong rationale," but she wants to see the asset trade more like gold and less like risk assets.

In a video interview published by Bitcoin Magazine, Oldenburg discusses Bitcoin's correlation with gold and how stablecoins, quantum computing fears, artificial intelligence, and inflation are weighing on demand. She also explains why she won't let a single day — or a single inflation print — define Bitcoin's outlook. That distinction carries weight beyond the trading desk: how Bitcoin behaves relative to gold is central to whether wealth managers can frame it as a long-term store of value in client portfolios — a question the interview takes up directly.

Oldenburg additionally weighs in on why tokenization could transform every asset class, Morgan Stanley's Digital Asset Lab, and the role of AI agents in an emerging agentic economy — a combination that reflects how the digital asset conversation at large financial institutions has expanded from client products to market infrastructure and automation.

The full interview is organized into the following chapters:

• 0:00 – Stablecoins and USDT on Bitcoin
• 1:23 – Who's Buying Morgan Stanley's Spot Bitcoin ETF?
• 2:54 – Bitcoin as Digital Gold in Client Portfolios
• 4:11 – Moving Self-Custodied Bitcoin Into ETF Shares
• 5:33 – Borrowing Against Bitcoin ETFs and Spot Bitcoin
• 6:33 – Bitcoin's Correlation With Gold and What's Weighing on Demand
• 8:52 – How Morgan Stanley Is Assessing Quantum Risk
• 9:55 – Why Tokenization Could Transform Every Asset Class
• 12:24 – Morgan Stanley's Digital Asset Lab
• 15:42 – AI Agents and the Future of the Agentic Economy

For readers following the digital gold debate, the segments on Bitcoin's correlation with gold (6:33) and Morgan Stanley's approach to quantum risk (8:52) speak most directly to the tension Oldenburg identifies between Bitcoin's store-of-value case and its day-to-day trading behavior.

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,, tax, or 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 interview first appeared on Bitcoin Magazine and was written by Patrick Green.