According to CoinMeta, as stated by Ryan Rasmussen, the head of the research team at Bitwise, sovereign wealth funds are selling gold to buy Bitcoin, and an increasing number of major institutions are using Bitcoin alongside gold as a hedge against currency devaluation. The company's first institutional survey found that none of the 15 major institutions sold their crypto assets when Bitcoin fell from around $125,000 to $60,000; in fact, several institutions even increased their holdings. One sovereign wealth fund told Bitwise that it is financing its crypto asset allocation by selling foreign exchange and gold reserves. Rasmussen believes that $60,000 is the bottom for Bitcoin.