Bitcoin’s digital gold case is “a pretty strong rationale,” says Morgan Stanley’s Amy Oldenburg. But she wants to see Bitcoin trade more like gold and less like risk assets. She discusses Bitcoin’s correlation with gold, how stablecoins, quantum fears, AI, and inflation are weighing on demand, and why she won’t let one day or one inflation print define Bitcoin’s outlook.

Chapters:0:00 – Stablecoins and USDT on Bitcoin1:23 – Who’s Buying Morgan Stanley’s Spot Bitcoin ETF?2:54 – Bitcoin as Digital Gold in Client Portfolios4:11 – Moving Self-Custodied Bitcoin Into ETF Shares5:33 – Borrowing Against Bitcoin ETFs and Spot Bitcoin6:33 – Bitcoin’s Correlation With Gold and What’s Weighing on Demand8:52 – How Morgan Stanley Is Assessing Quantum Risk9:55 – Why Tokenization Could Transform Every Asset Class12:24 – Morgan Stanley’s Digital Asset Lab15:42 – AI Agents and the Future of the Agentic Economy

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