币界网报道：Bitwise CIO Matt Hougan asserts that the global financial system is questioning the sustainability of fiat currencies, as central banks aggressively accumulate gold and retail investors flock to bitcoin. In a client memo, Hougan likened fiat dominance to "fish unaware of water," noting most professionals have only operated in a post-1971 fiat system where money supply is government-determined rather than reserve-backed. He highlighted that central banks, responding to inflation and geopolitical risks, bought gold at record levels after 2008 and accelerated purchases post-Ukraine invasion, with gold surpassing the euro as the second-largest reserve asset. Meanwhile, bitcoin ETFs have drawn $45 billion inflows since January 2024, outpacing gold ETFs' $34 billion, signaling growing retail demand for non-sovereign assets. Hougan emphasized that while bitcoin's $2 trillion market remains too small for institutional adoption at scale, both gold and bitcoin reflect a shared recognition that traditional portfolios remain overexposed to fiat risks. "People are realizing these are risky waters to swim in," he concluded.