Morgan Stanley’s Amy Oldenburg argues that Bitcoin’s role as digital gold is compelling, but she believes the cryptocurrency needs to decouple from tech-related risk factors to fully embrace that narrative. She emphasizes that Bitcoin should trade more like gold, a traditional safe-haven asset, rather than aligning with riskier tech assets.
Oldenburg discusses several factors influencing Bitcoin’s demand, including the impact of stablecoins, concerns over quantum computing, the rise of artificial intelligence, and inflation trends. She cautions against letting short-term data, such as a single inflation report, dictate Bitcoin’s long-term outlook.
She also touches on how Morgan Stanley is evaluating quantum risks and the potential of tokenization to transform various asset classes. The firm’s Digital Asset Lab is exploring these developments, along with the future of AI-driven economies.