The Milk Road Show Will the Rotation From Gold to Bitcoin Actually Happen? w/ Matt Hougan & Ryan Rasmussen
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Jan 29, 2026 
Matt Hougan, CIO at Bitwise, offers macro and asset-allocation views. Ryan Rasmussen, Head of Research at Bitwise, analyzes institutional demand and tokenization. They debate whether capital is really moving from gold to Bitcoin. They compare gold and Bitcoin for central banks, discuss tokenization, stablecoins, regulatory clarity, and institutional adoption.
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Gold Rally Is A Multi‑Year Structural Move
- Gold's rally is a decade-long structural shift as investors move away from fiat-denominated assets.
- Matt Hougan expects continued demand from institutions and central banks over the next 10+ years.
Central Banks Shift From Treasuries To Hard Assets
- Central banks accelerated gold purchases after geopolitical shocks and treasuries' perceived seizure risk.
- Ryan Rasmussen expects that trend to eventually push some central banks to consider Bitcoin too, but slowly.
Why Bitcoin May Outcompete Gold
- Bitcoin offers superior self‑custody and portability versus gold, making it a stronger long‑term reserve choice.
- Matt Hougan believes Bitcoin is a binary technological improvement and will outcompete gold eventually.