Key facts
- Bitwise Head of Research Ryan Rasmussen stated that sovereign entities are selling gold to buy Bitcoin.
- Rasmussen observed that institutional investors, such as pension and sovereign funds, have been purchasing Bitcoin during price declines.
- He noted that these institutional buyers have maintained their interest even when Bitcoin's price dropped significantly.
Ryan Rasmussen, Head of Research at Bitwise, has indicated a notable shift in investment strategies among sovereign entities, suggesting they are divesting from gold in favor of Bitcoin. He observed that institutional investors, including pension funds and sovereign wealth funds, have demonstrated a consistent appetite for Bitcoin, continuing to acquire the cryptocurrency even during periods of significant price depreciation. This behavior suggests a growing confidence in Bitcoin as a store of value or an alternative asset class within these large financial institutions.