Gold prices have surged above $5,000 an ounce, reflecting rising distrust in fiat currencies and centralized financial systems. Bitwise CIO Matt Hougan emphasizes that this trend underlines increasing demand for assets with self-custody and censorship-resistant features like cryptocurrencies. However, delays and uncertainty around the US Clarity Act are likely to lead crypto markets into a cautious 'show me' phase focused on real-world adoption and price stability.