Bitcoin is currently undergoing a profound identity crisis as it oscillates between being viewed as ‘digital gold’ and a high-risk tech stock. Originally envisioned by Satoshi Nakamoto as a decentralized alternative to the traditional financial system, Bitcoin’s price action has increasingly mirrored that of the Nasdaq 100. This high correlation with growth stocks suggests that investors treat it as a ‘risk-on’ asset, sensitive to interest rate hikes and liquidity shifts rather than a stable hedge against inflation. Conversely, proponents argue that its capped supply of 21 million units reinforces its status as a store of value, especially during periods of geopolitical instability or banking sector fragility. The 2024 approval of spot Bitcoin ETFs has institutionalized the asset, potentially cementing its place in traditional finance but also tethering its performance to broader market cycles. As the landscape evolves, Bitcoin continues to struggle to define its primary role: a speculative vehicle for capital gains or a sovereign form of digital money.
Source: Digital gold or tech stock? Bitcoin’s identity crisis deepens
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