Bitwise Head of Research: Sovereigns Selling Gold for Bitcoin | Ryan Rasmussen

Bitwise Head of Research Ryan Rasmussen argues that some sovereign entities may be shifting from gold toward Bitcoin as a reserve asset, reflecting growing interest in Bitcoin’s portability, scarcity, and independence from traditional financial systems. The claim suggests Bitcoin is increasingly being evaluated alongside—and in some cases as a substitute for—gold in sovereign reserve strategies. If sustained, such adoption could strengthen Bitcoin’s long-term demand and legitimacy, though the scale of actual sovereign selling and purchases remains uncertain.