Gold’s 25-Year Bull Run Puts Bitcoin’s Defensive Case in Focus

The thorniest part of Mike Wilson’s pitch isn’t the gold call itself. It’s the word defensive.

The Morgan Stanley chief US equity strategist and CIO told Bloomberg Money that gold has been in a bull market for 25 years and still functions as a portfolio shield, according to the original report. For crypto allocators, that framing does more than restate an old macro trade.

It puts the digital gold narrative back under the kind of scrutiny that bitcoin has rarely passed during equity drawdowns. The point is not simply that gold goes up. It is that gold behaves differently when other parts of a portfolio break down.

A quarter-century bull market is long enough to cover multiple credit cycles, a global financial crisis, a pandemic, and several inflation scares. That durability is what allocators are buying when they move into gold.