The Milk Road Show

Bitcoin Is Rising During War… Here’s Why w/ Max Gokhman

Mar 10, 2026
Guest
Max Gokhman
Max Gokhman, Deputy CIO at Franklin Templeton specializing in digital assets and institutional crypto research. He explores why capital may flow into Bitcoin and stablecoins during conflict. Short takes on stablecoins as crisis rails, 24/7 on-chain markets and derivatives, tokenization of new asset classes, and how institutions adopt on-chain data.
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INSIGHT

Conflict Can Push Wealth Into Crypto Rails

  • Capital fleeing conflict zones can flow into Bitcoin and stablecoins as alternative payment rails outside traditional banking.
  • Max Gokhman notes Middle Eastern wealth may prefer stablecoins or Bitcoin for private on-ramps/off-ramps when distrustful of fiat destinations.
INSIGHT

Stablecoins Are The Practical Crisis Shelter

  • Bitcoin is unlikely to become a low-volatility safe haven because that would remove its defining characteristics.
  • Stablecoins now serve the 'store of value' and transactional stable medium for crisis-driven capital movement, per Max Gokhman.
ADVICE

Treat Tokens Like Separate Asset Classes

  • Build a risk framework before allocating to crypto and differentiate tokens by function rather than lumping them together.
  • Max Gokhman compares Bitcoin, Ether, and Solana to distinct equities and bonds requiring specific analysis.
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