Willem Middelkoop, founder of the Commodity Discovery Fund and author of *The Big Reset*, discussed the differing attitudes of central banks toward gold and Bitcoin. He noted that central banks are buying gold at a record pace, a trend he attributes to the desire for assets they can directly control.
Control and Asset Preference
Middelkoop argued that Bitcoin’s price, supply and market dynamics lie outside the direct influence of central banks, making the cryptocurrency less attractive for official holdings. In contrast, gold offers a tangible, sovereign‑controlled reserve that aligns with central bank mandates.
Institutional Adoption via ETFs
He highlighted that institutional investors, including his own fund, have accessed Bitcoin primarily through exchange‑traded funds (ETFs), which provide a regulated exposure without requiring direct custody of the cryptocurrency.
Broader Market Context
The conversation also touched on broader themes such as the ongoing commodity bull market, the role of the BRICS bloc in de‑dollarization, and the composition of diversified portfolios that now often include real estate, gold, equities and Bitcoin.
Key Takeaways
- Central banks are increasing gold purchases at historically high rates.
- Bitcoin is viewed as beyond the direct control of central banks, limiting official adoption.
- Institutional exposure to Bitcoin is growing through ETF products.
