Morgan Stanley’s Amy Oldenburg sees Bitcoin’s digital-gold case as strong

Amy Oldenburg of Morgan Stanley describes Bitcoin’s digital-gold case as “a pretty strong rationale.” But she would prefer to see Bitcoin trade more like gold and less like a risk asset. Oldenburg explores how Bitcoin moves relative to gold, how stablecoins, quantum fears, AI, and inflation are affecting demand, and why she will not let a single day or one inflation print decide Bitcoin’s outlook.

Chapter list:
0:00 – USDT and stablecoins on the Bitcoin network
1:23 – Who is buying Morgan Stanley’s spot bitcoin ETF
2:54 – Bitcoin’s digital-gold role in client portfolios
4:11 – Transferring self-custodied bitcoin into ETF shares
5:33 – Taking out loans against bitcoin ETFs and spot bitcoin
6:33 – Bitcoin’s link to gold and pressures on demand
8:52 – Morgan Stanley’s quantum-risk assessment
9:55 – Tokenization and its possible impact across every asset class
12:24 – Digital Asset Lab at Morgan Stanley
15:42 – AI agents and the outlook for the Agentic Economy

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