According to the source, Bitwise estimates that a 3 to 4 percent rotation of capital from gold into Bitcoin could be enough to double BTC from current levels, based on its cross-asset flow analysis (source: Bitwise). Bitwise frames Bitcoin and gold as competing store-of-value assets, so even a small portfolio reweighting toward BTC can drive outsized price impact via incremental demand (source: Bitwise). For trading strategy, Bitwise’s thesis suggests prioritizing evidence of capital rotation from gold into spot Bitcoin products as the primary upside catalyst for BTC and related crypto exposure (source: Bitwise).